Existing home sales fell 5.9% in March

Higher mortgage rates and concern over the broader economy are making for a weak start to the all-important spring housing market.

Sales of previously owned homes in March fell 5.9% from February to 4.02 million units on a seasonally adjusted annualized basis, according to the NAR. That’s the slowest March sales pace since 2009.

• Sales were 2.4% lower than in March 2024 and slumped across all regions month to month.

“Home buying and selling remained sluggish in March due to the affordability challenges associated with high mortgage rates,” said Lawrence Yun, NAR’s chief economist. “Residential housing mobility, currently at historical lows, signals the troublesome possibility of less economic mobility for society.”

Related: New home sales rose 7.4% in March