Monthly Indicators
U.S. existing-home sales rebounded from the previous month, rising 4.2% to a seasonally adjusted annual rate of 4.26 million units, according to the National Association of REALTORS® (NAR). Economists polled by Reuters had forecast sales would fall to a rate of 3.95 million for the month. Purchase activity increased in the South and the West but decreased in the Northeast, while sales in the Midwest remained unchanged from one month earlier.
New Listings were up 9.8 percent to 871. Pending Sales decreased 28.9 percent to 414. Inventory grew 34.3 percent to 1,922 units.
Prices moved higher as Median Sales Price was up 2.5 percent to $306,000. Days on Market increased 15.9 percent to 73 days. Months Supply of Inventory was up 37.9 percent to 4.0 months, indicating that supply increased relative to demand.
Heading into March there were 1.24 million properties for sale, a 5.1% increase from the previous month and a 17% jump from one year ago, for a 3.5-month supply at the current sales pace, according to NAR. While mortgage rates have remained in the mid-to-high 6% range, the additional supply appears to have helped bring some buyers out of the woodwork, even as sales prices continue to rise nationwide
Housing Supply Overview
U.S. sales of new single-family homes increased 1.8% month-over month and 5.1% year-over-year to a seasonally adjusted annual rate of 676,000 units, according to the U.S. Census Bureau. There were about 500,000 new homes for sale heading into March, equivalent to an 8.9 month supply at the current sales rate. The median sales price for new homes slipped 1.5% year-over-year to $414,500. For the 12-month period spanning April 2024 through March 2025, Pending Sales in the Western Upstate Association of REALTORS® region fell 1.0 percent overall. The price range with the largest pending sales gain was the $500,001 to $750,000 range, where sales were up 13.1 percent.
The overall Median Sales Price increased 3.7 percent to $305,945. The property type with the largest gain was the Condos segment, where prices were up 10.8 percent to $254,900. The price range that tended to sell the quickest was the $150,000 and Below range at 55 days. The price range that tended to sell the slowest was the $1,000,001 and Above range at 88 days.
Market-wide, inventory levels rose 34.3 percent. The property type with the largest gain was the Condos segment, where the number of properties for sale increased 58.0 percent. That amounts to 3.8 months of inventory for Single-Family Homes and 4.9 months of inventory for Condos.
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