Weekly Housing Market Monitor: April 26-29 2021

Market Report provided by NAR

Existing-home sales in March 2021 fell 3.7% from the prior month to a seasonally-adjusted annual rate of 6.01 million as sales in all major regions declined. Sales are higher by 12.3% vs a year ago when home sales declined at the onset of the pandemic. Historic low levels of inventory of unsold homes at the end of January and February at 1.03 million (equivalent to about 2 months), may have impacted home sales in March. Rising home prices and an uptick in mortgage rates in March could also have caused some buyers to pull back.