March home sales drop to their slowest pace since 2009

CNBC ^ | 04/24/2025 | Diana Olick

[SeekAndFind]

Higher mortgage rates and concern over the broader economy are making for a weak start to the all-important spring housing market.

Sales of previously owned homes in March fell 5.9% from February to 4.02 million units on a seasonally adjusted annualized basis, according to the National Association of Realtors. That’s the slowest March sales pace since 2009.

Sales were 2.4% lower than in March 2024 and slumped across all regions month to month. They fell hardest in the West, the priciest region of the country, down more than 9%. The West, however, was the only region to see a year-over-year gain, due to strong activity in the Rocky Mountain states, where job growth is strong.

This count is based on closings, therefore contracts likely signed in January and February, when the average rate on the popular 30-year fixed mortgage was over 7%. It did not fall solidly below 7% until Feb. 20, according to Mortgage News Daily.

“Home buying and selling remained sluggish in March due to the affordability challenges associated with high mortgage rates,” said Lawrence Yun, NAR’s chief economist. “Residential housing mobility, currently at historical lows, signals the troublesome possibility of less economic mobility for society.”

Sales fell despite a sharp increase in available listings. At the end of March, there were 1.33 million units for sale, an increase of nearly 20% from March 2024. At the current sales pace, that is equivalent to a 4-month supply, which is still on the lean side. A 6-month supply is considered a balanced market between buyer and seller.

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TOPICS: Business/Economy; News/Current Events
KEYWORDS: homes; housing; mortgage; realestate

[AndyJackson]

Print oodles of money, give it to NGOs and their grifting principals, then raise interest rates for the taxpayers who are paying for the grift and take more money out of their pockets. Oh and crash the market in goods and services.

[Tell It Right]

I’m for fewer home sales if it’s because less illegal immigrants coming in and increasing housing demand.

[AndyJackson]

Yeah well I agree, but the way to fix that is to get rid of illegals and for god sakes stop giving them taxpayer money or taxpayers funded services public or private and stop looking the other way when they steal stuff or commit other crimes.

[SaxxonWoods]

Interesting, given that consumer confidence just rose slightly in the latest report today. Maybe people are buying toys and/or RVs since houses are too expensive.

[SaxxonWoods]

Oh by the way, 2008 was different from now. The unemployment rate was 7.2% for one thing!

Also, the extremely low mortgage rates and too-easy qualifying went away about then. Most everyone bought during the low-rate/low qualification requirements period. All this led to the best deals in a decade by 2010-2013.

[Wpin]

that is the FED’s fault...they are keeping interest rates too high...

[SaxxonWoods]

“that is the FED’s fault...they are keeping interest rates too high...”

I can’t agree with that, the FED has two mandates. Keeping unemployment full or close to full and keeping inflation at or below 3%. Unemployment is OK, but inflation is still above 3%. Lowering rates would push inflation further above the target, so they can’t do that.

[joshua c]

just checked my zip code

wash suburb

listings have exploded

from 17 to 107

but this is the start of selling season

[SaxxonWoods]

We had houses sitting all winter, they suddenly sold recently and now there’s very little to look at here except for $1mm+ properties on acreage. The average price here is $586k, but big lots with orchards, vineyards etc. are common here.

[dragnet2]

Uh oh.....Florida market is crashing slowly

“”I live in south fort Myers by the Florida gulf coast university. We paid 400k for our townhome. The townhomes in our nieghborhood are currently priced at 320-360 and they’ve been sitting. Some for months””

https://www.reddit.com/r/REBubble/comments/1jdrr6w/florida_market_is_crashing_slowly/?rdt=36938

[WASCWatch]

Of I was going to buy a house, I would look for a property where I could assume the loan of the seller and use the profit from selling my home to cover the difference.