• Existing home sales beat expectations in March, rising 4.4 percent from February to 5.71 million units at a seasonally adjusted annual rate (SAAR), the largest number of home sales since February 2007.
• The number of homes on the market increased 1.9 percent in March, the largest increase in for-sale inventory since September, driven by greater inventory of single-family homes – a notable shift from recent months.
• The median price of existing homes sold in March fell 0.3 percent from February to $243,400, retreating from the all-time high reported in February.

Existing home sales beat expectations in March, increasing 4.4 percent from February to 5.71 million units at a seasonally adjusted annual rate (SAAR) according to the National Association of Realtors (NAR). It was the largest number of existing home sales in a single month since February 2007, and the fifth time in the past seven months that existing home sales beat expectations.

Sales are up 5.9 percent over the year. In Q1 2017, existing home sales have averaged a 5 percent pace of year-over-year growth compared to a 6.2 percent average in Q1 2016, and a 6.7 percent average pace in Q1 2015.

For-sale inventory – the number of homes on the market – saw a monthly increased of 1.9 percent in March to 1.92 million units (SAAR), the largest increase in inventory in six months and the most homes on the market since October 2016. Still, inventory is down 6.7 percent over the year and is currently on par with levels last seen in late 2000/early 2001 when there were about 15 million (13 percent) fewer households. However, unlike recent months, the increase of inventory was driven by single-family homes. The number of single-family homes on the market increased by 2.5 percent over the month to 1.71 million units (SAAR) – a small, but meaningful, easing of market conditions.

Properties stayed on the market for 34 days in March, down from 45 days in February and from 47 days in March of last year.

Regionally, home sales increased in all regions except for the West where they fell 1.6 percent over the month. It was the second consecutive month of contracting existing home sales in the West and the fourth out of the past five months where home sales have declined over the month in the West. Home sales are still 5.2 percent higher than a year ago in the West, but they are down 3.2 percent over the past six months. By contrast, existing home sales in the South are up 10 percent over the past six months.

The median seasonally-adjusted price of existing homes sold in March was $243,400, down 0.3 percent from the all-time high reported in February and up 6.7 percent from a year earlier. The median seasonally-adjusted price of existing single-family homes sold in March was $245,300, down 0.5 percent over the month but up 6.6 percent over the year.

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