by Calculated Risk on 4/18/2022 05:06:00 PM

From housing economist Tom Lawler:

Based on publicly-available local realtor/MLS reports released across the country through today, I project that existing home sales as estimated by the National Association of Realtors ran at a seasonally adjusted annual rate of 5.74 million in March, down 4.7% from February’s preliminary pace and down 5.0% from last March’s seasonally adjusted pace.

Local realtor reports, as well as reports from national inventory trackers, suggest that the YOY % decline in the inventory of existing homes for sale last month was significantly lower than that in February.

Finally, local realtor/MLS reports suggest the median existing single-family home sales price last month was up by about 16.3% from last March.

CR Note: The National Association of Realtors (NAR) is scheduled to release March existing home sales on Wednesday, April 20, 2022, at 10:00 AM ET. The consensus is for 5.80 million SAAR.