March Existing-Home Sales Fall 3.6% as Inventory Tightens and Prices Rally

March existing-home sales fell 3.6% month-over-month to a 3.98 million seasonally adjusted annual rate, with inventory up 3.0% to 1.36 million (about 4.1 months). Year-over-year sales were down 1.0% while the median price rose 1.4% to $408,800, the 33rd consecutive year-over-year price gain. Limited inventory continues to push prices higher and bolster homeowner wealth; NAR trimmed its 2026 forecast to a 4% increase in existing-home sales (new-home sales expected to be flat) as mortgage rates rise. Regional declines occurred in all four regions.