A Deeper Look at Last Week’s Existing Home Sales Data

  • Last week, NAR released a summary of existing home sales data showing that existing home sales declined again for the seventh time in eight months. March sales showed a decrease in sales of 0.2% from last month and 7.5% from a year ago.
  • The national median existing-home price for all housing types was $198,500 in March, up 7.9% percent from March 2013.
  • All regions showed growth in prices, but the West maintained the biggest gain at 12.6% from a year ago. The Northeast had the smallest price again at 3.2% from a year ago. Affordability is having an impact in the South and West regions.
  • March’s inventory figures increased by 3.1% from a year ago and it will take 5.2 months to move the current level of inventory.
  • With sales down this month, March marks the second straight month of decimal declines. Job creation will help compensate in markets where affordability is a challenge. Housing starts are at a historic low and a boost will help inventory and slow down rising home prices. See the full NAR Existing Home Sales press release here and data tables here.
  • Find a full graphical summary of the data here.
  • Check out this month’s EHS infographic here.