The National Association of Realtors said Thursday, April 22 that existing home sales fell 3.7% to a seasonally adjusted annual pace of 6.01 million units last month, the lowest level since August 2020.
Sales are down in all four regions.
Economists polled by Reuters had forecast sales of 6.19 million units in March.
The second consecutive monthly decline came after a sharp drop in signed contracts and home loan applications in February.
Existing home sales contracts, which are calculated upon completion of the contract, are delayed by one or two months.
This means that part of the drop in sales last month was due to bad weather in February.
Existing home sales make up the majority of US home sales, increasing 12.3% year-on-year, remaining well above pre-pandemic levels.
Average house prices jumped 17.2% from a year ago, to an all-time high of $ 329,100 in March.
The number of existing homes offered for sale reached 1.07 million in March, up 3.9% from February.
The supply fell 28.2% from a year ago.