Existing Home Sales Down 3.6%, Affordability Cited
Summary
The American Bankers Association reported that existing home sales fell 3.6% in March compared to the prior month, reaching a seasonally adjusted annual rate of approximately 4 million units. Affordability constraints were cited as a key factor limiting buyer activity in the housing market.
What changed
The ABA Banking Journal reported economic data showing existing home sales decreased 3.6% in March, with the seasonally adjusted annual rate falling to approximately 4 million units. The NAR data highlights ongoing affordability challenges affecting the residential real estate market.
For mortgage lenders and banks offering residential lending products, this economic indicator provides context for market conditions and may inform lending strategies and portfolio management decisions.
What to do next
- Monitor housing market data for trend changes
- Review mortgage demand indicators
Archived snapshot
Apr 14, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
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ABA DataBank: Existing home sales fell 3.6% in March
April 13, 2026 Reading Time: 1 min read Existing home sales in the United States declined 3.6% over the month to an annualized rate of 3.98 million units in March, below forecasts for 4.07 million. This was a decrease from 4.09 million in February. Overall existing home sales were down 1.0% over the year. Home prices continued to climb, rising 1.4% over the year to a median sales price of $408,800, the 33rd consecutive month of price increases. Housing inventory rose to a 4.1 months’ supply, up from February and up from 4.0 months a year ago.
The ABA Office of the Chief Economist sees the decline in existing home sales as driven by continued affordability concerns. The average 30-year mortgage rate was 6.38% in the week ending March 26, up 38 basis points since the beginning of the month. While the spring selling season typically brings a pickup in home sales activity, higher mortgage rates are increasing friction in terms of housing supply and reducing affordability on the demand side. Higher rates will also dampen the recent resurgence in refinancing activity and make it more difficult for banks to originate mortgages.
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