8 hours ago
1
Home prices just did it again. For the 33rd consecutive month, the median price of an existing home climbed—this time to $408,800 in March, a record high for the month, according to the National Association of Realtors’ existing-home sales report. Politicians from President Donald Trump to New York City Mayor Zohran Mamdani have campaigned on bringing housing costs down. So far, the market isn’t cooperating.
The 1.4% year-over-year price increase came even as sales of existing homes fell 3.6% from February, a notable stumble heading into what is typically the market’s busiest season.
Even as politicians nationwide promise to build more homes to lower prices, inventory hasn’t yet matched those promises, and home prices remain elevated.
“Inventory remains a major constraint on the market,” NAR chief economist Lawrence Yun said in a statement. “The inventory-to-sales ratio, or supply-to-demand ratio, is below historical norms. An additional 300,000 to 500,000 homes for sale would help bring the market closer to normal conditions.”
Home prices are up 60% compared with pre-pandemic figures as the country endures a prolonged housing shortage, estimated at about 4.7 million, according to a Read Entire Article
English (US) ·