US existing-home sales hit 9-month low in March as prices keep rising

US existing-home sales fell in March to their lowest level in nine months, indicating continued strain in the housing market ahead of the key spring selling season.

Sales of previously owned homes declined 3.6% from the previous month to a seasonally adjusted annual rate of 3.98 million in March, according to data released Monday by the National Association of Realtors (NAR).

The figure came in below market expectations and marked the weakest pace since June.

NAR also lowered its forecast for existing-home sales growth in 2026 to 4%, down sharply from its previous projection of 14%.

In a statement, NAR Chief Economist Lawrence Yun said rising mortgage rates had led the group to cut its home sales outlook for the year.

Meanwhile, the median sales price of existing homes increased 1.4% from a year earlier to $408,800 in March.

Housing inventory rose to a four-month high, though the supply of homes on the market remained well below historical norms.

Sales declined in all major US regions, with transactions in the Northeast falling to the lowest level since records began in 1999. In the Midwest, sales matched the weakest pace since 2011.

First-time buyers accounted for about one-third of all purchases in March.