T
he National Association of Realtors (NAR) reported a decline in existing-home sales across all four major regions in March 2025. Compared to the same month last year, sales decreased by 2.4% to a seasonally adjusted annual rate of 4.02 million.

    According to NAR Chief Economist Lawrence Yun, high mortgage rates continue to challenge affordability and contribute to the sluggish pace of home buying and selling. He noted that residential housing mobility is at historic lows, raising concerns about broader economic mobility.

    The median existing-home price for all housing types rose by 2.7% from March 2024 to $403,700. All four U.S. regions saw year-over-year price increases. Yun emphasized that unlike volatile stock and bond markets, residential real estate continues to build household wealth, with mortgage delinquencies near historical lows.

    Key statistics include:

    * Homes typically stayed on the market for 36 days in March, down from 42 in February but up from 33 in March 2024.

    * First-time buyers accounted for 32% of sales in March, up from 31% in February and equal to the share in March 2024.

    * Cash sales represented 26% of transactions in March, down from 32% in February and 28% in March 2024.

    Freddie Mac reported that the average 30-year fixed mortgage rate reached 6.83% as of April 17, up from 6.62% the previous week but down from 7.1% one year ago.

    Regional sales data showed:

    * The Northeast saw a decline of 2.0% in sales to 490,000 (unchanged from March 2024), with a median price of $468,000.

    * The Midwest experienced a drop of 5.0% to 950,000, down 3.1% from a year ago, with a median price of $302,100.

    * The South saw a decrease of 5.7% to 1.81 million, down 4.2% year-over-year, with a median price of $360,400.

    * The West declined by 9.4% to 770,000 but rose 1.3% from March 2024, with a median price of $621,200.