United States Existing Home Sales

Existing home sales in the US slumped by 5.6% from the previous month to a seasonally adjusted annualized rate of 4.02 million units in March of 2025, missing market expectations of 4.13 million to mark the sharpest decline in over two years. The drop took place despite the slight pullback in benchmark borrowing costs in the period, which increased the volume of mortgage applications. According to NAR Chief Economist Lawrence Yun, "Home buying and selling remained sluggish in March due to the affordability challenges associated with high mortgage rates. Residential housing mobility, currently at historic lows, signals the troublesome possibility of less economic mobility for society."