NAR released a summary of existing-home sales data showing that housing market activity this March declined 5.9% from February 2025. March home sales reached a 4.02 million seasonally adjusted annual rate. March 2025 sales of existing homes fell 2.4% from March 2024.
The national median existing-home price for all housing types reached $403,700 in March, up 2.7% from a year ago.
Regionally, in March, all four regions showed price growth from a year ago. The Northeast had the largest gain of 7.7%, followed by the Midwest with an increase of 3.5%. The West increased 2.6%, while the South region rose modestly by 0.6%.
March's inventory of unsold listings as of the end of the month was up 8.1% from last month, standing at 1,330,000 homes for sale. Compared with March of 2024, inventory levels were up 19.8%. It will take 4.0 months to sell the current inventory level at the current sales pace, well below the desired pace of 6 months.
It takes approximately 36 days for a home to go from listing to a contract in the current housing market. A year ago, it took 33 days.
Compared to a year ago, sales fell in two of the four regions. Activity in the Northeast region was flat, showing no gain. Home sales declined in the South region by 4.2%, followed by the Midwest with a decrease of 3.1%. The West region had the only increase, at 1.3%.
Compared to February 2025, all four regions showed a decline in sales. The West region had the biggest drop of 9.4%, followed by the South with a dip of 5.7%. The Midwest region fell by 5.0%, followed by the Northeast with the smallest decrease of 2.0%.
The South led all regions in percentage of national sales, accounting for 45% of the total, while the Northeast had the smallest share at 12.2%.
In March, single-family sales decreased 6.4% and condominium sales were flat compared to last month. Single-family home sales were down 2.2% while condominium sales were down 5.0% compared to a year ago. The median sales price of single-family homes rose by 2.9% to $408,000 from March 2024, while the median sales price of condominiums increased 1.5% to $363,000.
