Existing-home sales are on the decline across the U.S. According to the latest release from the National Association of Realtors, existing-home sales dropped 4.9% in March to a seasonally adjusted annual rate of 5.21 million. Sales are also down more than 5% from March 2018.
"It is not surprising to see a retreat after a powerful surge in sales in the prior month," said Lawrence Yun, NAR chief economist, in the release. "Still, current sales activity is underperforming in relation to the strength in the jobs markets. The impact of lower mortgage rates has not yet been fully realized."
All four regions saw a dip in sales as well, with the Midwest taking the brunt of the decline at nearly 8%. The Northeast slipped almost 3%, while the South dropped 3.4%. The West fell 6% in March and had the worst year-over-year output at more than 10% below the sales rate in March 2018.
Properties were on the market for less time in March compared to February (36 days versus 44 days), yet nearly half of the homes sold in March were on the market for less than a month.
Economists expected home sales to decline 3.8%, according to Reuters.
-Michael Miller, managing editor