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Existing home sales decreased 5.9% in March and 2.4% from March 2024. Housing inventory grew to 1.33 million units, reflecting an 8.1% rise from February and a 19.8% jump from last year. The median existing home price was $403,700, up 2.7% from last year, with all four U.S. regions reporting price increases.

Single-family home sales fell 6.4% in March, with the median price increasing 2.9% from March 2024 to $408,000. Condo and co-op sales stayed the same at 380,000 units in March but were down 5.0% from last year. Meanwhile, the median price rose 1.5% from the prior year to $363,000.

Homes were typically on the market for 36 days in March, down from 42 days in February but up from 33 days in March 2024. First-time buyers made up 32% of sales in March, up slightly from 31% in February and the same as last year. According to NAR’s Profile of Home Buyers and Sellers, 2024 had the lowest share of first-time home buyers on record at 24%.

All-cash sales accounted for 26% of transactions in March, down from 32% in February and 28% in March 2024. Meanwhile, investors or second-home buyers represented 15% of homes purchased in March, down from 16% in February and unchanged from March 2024. Distressed sales, including foreclosures and short sales, represented 3% of purchases in March, unchanged from February but up from 2% last year.