Commodity

NAR said existing home sales plunged by 4.3 percent to an annual rate of 4.19 million in March after surging by 9.5 percent to a rate of 4.38 million in February.

The report also said housing inventory at the end of March totaled 1.11 million units, up 4.7 percent from 1.06 million units in February and up 14.4 percent from 970,000 units a year ago.

The unsold inventory represents 3.2 months of supply at the current sales pace, up from 2.9 months in February and 2.7 months in March 2023.

NAR also said the median existing home price was $393,500 in March, an increase of 4.8 percent compared to $375,300 in the same month a year ago.

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