March saw a 5.9% month-over-month decline in existing home sales, reaching 4.02 million units, according to the National Association of Realtors. High mortgage rates, exceeding 7% in January and February, significantly impacted affordability. While inventory increased nearly 20% year-over-year, reaching a 4-month supply, this hasn't significantly boosted sales. The median home price, though at a record high for March, saw only a 2.7% annual increase, the smallest gain since August. Despite the slowdown, household wealth in residential real estate continues to rise.

Prepared by Christopher Adams and reviewed by editorial team.