WASHINGTON — The pace of existing home sales fell by 4.9% to a 5.21 million annual rate in March after a surge in February, below the 5.30 million rate expected by the Bloomberg consensus and the 5.36 million expectation in an MNI survey of analysts.
The decline puts adjusted sales 5.4% below their year-ago level, while unadjusted sales were down 7.8% year/year, a clear indication that the narrowing of the mortgage interest and short supply on the lower-price end have restrained sales, the NAR noted.
The following are the other key points from the March existing home sales data released Friday by the National Association of Realtors:
- February home sales were revised down slightly to a 5.48 million pace from the 5.51 million rate previously reported, but remains a three-year high.
- The first quarter pace of sales, at 5.21 million stands above the 5.14 million average for the fourth quarter after revisions are included. However, that improvement can be pinned entirely on the February surge.
- March resales were down in all four regions after gains in three regions in February. Northeast sakes were down 2.9%, while sales fell 7.9% in the Midwest, 3.4% in the South, and 6.0% in the West.
- March home supply rose 3.1% to 1.68 million, and was up 2.4% year/year, allowing the months supply to rise to 3.9 months from 3.6 months in February and March 2018.
- National median sales price rose 3.8% year-over-year to $259,400 in March.
