Economy: Existing Home Sales During March 2020

The Existing Home Sales report for March 2020 was released by The National Association of Realtors® (NAR®) this morning:

Predicted: 5,335,000
Actual: 5,270,000

Change from Previous Month: -8.507% (-490,000 homes)
Change from One Year Previous: +0.765% (+40,000 homes)

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Inventory: 1,500,000 (3.4 months supply)

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The yellow-highlighted, "actual" figure above represents the preliminary, seasonally adjusted annualized sales count of existing homes, co-ops and condominiums for the indicated month. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

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Median Price for A Used Home During March 2020: $280,600

Change from One Year Previous: +8.048% (+$20,900)

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Average Price for A Used Home During March 2020: $316,000

Change from One Year Previous: +6.218% (+$18,500)

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Click here for historical prices and a chart.

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From Today's Report:

"...'Unfortunately, we knew home sales would wane in March due to the coronavirus outbreak,' said Lawrence Yun, NAR’s chief economist. 'More temporary interruptions to home sales should be expected in the next couple of months, though home prices will still likely rise.'

'Earlier in the year, we watched inventory gradually tick upward but with the current quarantine recommendations in place, fewer sellers are listing homes, which will limit buyer choices,' Yun said. 'Significantly more listings are needed and more will come on to the market once the economy steadily reopens.'

'Despite the social distancing restrictions, with many Realtors® conducting virtual open home tours and with mortgage rates on the decline, a number of first-time buyers were still able to purchase housing last month,' Yun said.

'It is NAR’s top priority to continue to aid and assist Realtors® during these unpredicted, trying times,' said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, Calif. 'We have played an instrumental role on Capitol Hill as Congress secured multiple federal relief packages, and we will continue fighting on behalf of our 1.4 million members, American consumers and the nation’s economy as these conversations persist.'

'We have seen an increase in virtual home tours, e-signings and other innovative and secure methods that comply with social distancing directives,' Malta continued. 'I am confident that Realtors® and brokerages will adapt, evolve and fight, ensuring the real estate industry will be at the forefront of our nation’s upcoming economic recovery.'..."