Slowest Home Sales in Six Years

The United States housing market is experiencing its slowest pace in six years, with homes taking an average of 47 days to sell in March, as reported by Redfin. This duration is nearly double that seen during the pandemic's peak, highlighting a significant slowdown.

Factors Weighing on the Market

Elevated prices, economic uncertainty, and an increase in supply are major factors contributing to this trend. Last month, only 27% of buyers paid over the asking price, the lowest rate for March since 2020, despite a 2.5% year-over-year increase in the median sale price to $431,057.

Expert Insight

Redfin Senior Economist Elijah de la Campa points to "tariff fears and widespread economic uncertainty" as key deterrents for potential buyers, marking the slowest growth in home prices in 18 months.