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U.S. Existing-Home Sales Drop to Nine-Month Low as Spring Stalls

Rising mortgage rates after the Iran conflict cooled demand.

Experts say the market needs up to 500,000 more homes to feel normal.
A construction worker is shown at work on a multi-unit residential housing project in Encinitas, California, U.S., July 28, 2025. REUTERS/Mike Blake/ File Photo
A for-sale sign is posted in front of a home on April 13, 2026, in Pasadena, California.
FILE - A for sale sign is posted outside a home, Feb. 10, 2026, in Nashville, Tenn. (AP Photo/George Walker IV, file)

Overview

  • The National Association of Realtors said Monday that March existing-home sales fell 3.6% to a 3.98 million annual rate, the slowest pace since June 2025.
  • Prices set a March record as the median rose 1.4% year over year to $408,800, while listings edged up to 1.36 million homes, equal to 4.1 months of supply.
  • NAR cut its 2026 sales outlook to 4% growth from 14% after a weak start to the year and softer buyer confidence.
  • Mortgage rates climbed back to about 6.37% after the Iran conflict pushed Treasury yields higher, a move that analysts say could further curb spring demand.
  • Sales fell month over month in all four regions, led by the Northeast, and first-time buyers held at 32%, highlighting ongoing affordability strains.