The National Association of Realtors (NAR) announced on Thursday that the U.S. existing home sales fell 3.7 percent m-o-m to a seasonally adjusted rate of 6.01 million in March from a revised 6.24 million in February (originally 6.22 million). This was the lowest reading since August 2020.

Economists had forecast home resales decreasing to a 6.19 million-unit pace last month.

In y-o-y terms, existing-home sales rose 12.3 percent in March

According to the report, all four major regions recorded m-o-m drops in existing-home sales in March but continued to see gains in y-o-y terms. The median existing-home price for all housing types in March was $329,100, up 17.2 percent y-o-y, as prices increased in every region.

Single-family home sales stood at a seasonally-adjusted annual rate of 5 5.30 million in March, down 4.3 percent from 5.54 million in February, but up 10.4 percent from one year ago. The median existing single-family home price was $334,500 in March, up 18.4 percent y-o-y. Meanwhile, existing condominium and co-op sales were recorded at a seasonally-adjusted annual rate of 710,000 units in March, up 1.4 percent from February and up 29.1 percent from one year ago. The median existing condo price was $289,000 in March, an increase of 9.6 percent y-o-y.

Consumers are facing much higher home prices, rising mortgage rates, and falling affordability, however, buyers are still actively in the market," noted Lawrence Yun, NAR's chief economist. "The sales for March would have been measurably higher, had there been more inventory," he added. "Days-on-market are swift, multiple offers are prevalent, and buyer confidence is rising."