Hopes that the housing market in the United States would turn more positive for the domestic moving industry have stalled again as sales of previously occupied homes fell in March to their slowest pace in nine months.
According to the latest figure from the National Association of Realtors (NAR), released this week, existing home sales fell 3.6% last month from February to a seasonally-adjusted annual rate of 3.98 million units, short of the 4.06 million transactions forecast by economists. Despite easing mortgage rates in March and growing inventory, sales also fell 1% compared to the same month in 2025.
Affordability continues to constrain the market as the national median sales price increased 1.4% in the month to $408,800, an all-time high for any March on record going back to 1999. In addition, the average rate on a 30-year mortgage was 6.37% last week, according to Freddie Mac. The NAR is now forecasting a 4% increase in sales, down from the previous forecast of a 14% increase.
IAM Member Impact: Home sales in the United States are close to a four million annual pace since 2023, significantly lower than the historic normal of 5.2 million. Mortgage rates have also been climbing since the country’s war with Iran began, making any short-term Spring recovery for the domestic moving industry less likely.
Source: ABC News