By Nicole Friedman | Wall Street Journal
Sales of existing homes in March posted their biggest monthly decline in more than two years, after mounting economic uncertainty roiled the housing market at the start of the critical spring selling season.
U.S. existing-home sales fell 5.9% in March from the prior month to a seasonally adjusted annual rate of 4.02 million, the National Association of Realtors said Thursday. That marked the biggest month-over-month decline since November 2022. It was also the slowest sales pace for any March since 2009, which was near the peak of the financial crisis.
The sharp drop in sales dashes early hopes that this spring would offer signs of a turnaround. The season is usually the busiest time for home sales because many buyers with children want to move homes over the summer, and sellers wait until the spring to list their homes to meet that higher demand.
