US Existing Home Sales Hit 9-Month Low in March

Sales of previously owned homes in the United States dropped in March to their lowest level in nine months, despite a brief easing of mortgage rates that failed to spur buyer activity during the typical peak of the spring housing season.

The National Association of Realtors reported Monday that existing home sales declined 3.6 percent from February to a seasonally adjusted annual rate of 3.98 million units. That figure marked a 1 percent decrease from March 2025 and fell short of economists' expectations for about 4.06 million units. The slowdown was driven by sharp declines in the Northeast and Midwest, with contract signings dropping across all regions. Northeast sales hit their lowest point on record dating back to 1999, while Midwest sales matched their weakest pace since 2011.

Lower consumer confidence and weaker job growth have continued to deter potential buyers, according to Lawrence Yun, the association's chief economist. A gauge of short-term expectations for income, business conditions and the job market dipped 1.7 points to 70.9, staying below the 80 threshold that often signals recession risks. This marks the 14th straight month below that level. Overall, sales have...