March experienced a decline in existing-home sales—the second consecutive dip, according to the National Association of REALTORS® (NAR). Year-over-year, existing-home sales increased 12.3%; however, since last month, total existing-home sales decreased 3.7% to a seasonally-adjusted annual rate of 6.01 million.
Single-family homes also decreased, by 4.3% since February, to a seasonally adjusted annual rate of 5.30 million. This is up, however, by 10.4% YoY. For condos and co-ops, existing-home sales increased 1.4% from February and increased 29.1% YoY.