June 29, 2025 The Best Source of News, Culture, Lifestyle for Culver City, Mar Vista, Del Rey, Palms and West Los Angeles

March Sees Another Dip in Home Sales as Inventory Grows Nationwide

Existing-Home Sales Fall, Inventory Builds as Buyers Face Higher Prices

Existing-home sales across the United States declined in March, according to new data released by the National Association of Realtors (NAR) on Thursday.

Sales of previously owned homes — including single-family houses, townhomes, condominiums, and co-ops — fell 5.9% from February, reaching a seasonally adjusted annual rate of 4.02 million. Compared to a year ago, sales decreased by 2.4%, dropping from 4.12 million units recorded in March 2023.

Despite slower sales, the national median existing-home price rose. The median price climbed 2.7% year-over-year to $403,700. All four major U.S. regions — the Northeast, Midwest, South, and West — recorded annual price gains.

Total housing inventory at the end of March stood at 1.33 million units, an 8.1% increase from February and a 19.8% jump compared to the previous year. At the current sales pace, the unsold inventory equates to a 4.0-month supply, up from 3.5 months in February and 3.2 months in March 2024.

Properties typically spent 36 days on the market in March, an improvement from 42 days in February but longer than the 33 days seen in March 2024, according to NAR’s monthly REALTORS® Confidence Index.

First-time buyers represented 32% of sales in March, a slight uptick from 31% in February, matching the rate from a year earlier. However, NAR’s 2024 Profile of Home Buyers and Sellers, released in November, noted that the annual share of first-time buyers had fallen to a record low of 24%.

Cash sales accounted for 26% of transactions last month, down from 32% in February and 28% in March 2024. Individual investors and second-home buyers, who often purchase properties with cash, accounted for 15% of sales, a level consistent with last year’s figures.

Distressed sales, including foreclosures and short sales, accounted for 3% of transactions, remaining steady from February but slightly higher than the 2% recorded a year prior.

Freddie Mac reported that the 30-year fixed-rate mortgage averaged 6.83% as of April 17, an increase from 6.62% the previous week but lower than the 7.1% recorded at the same time last year.

Breaking it down by property type, single-family home sales declined 6.4% in March to an annual rate of 3.64 million, representing a 2.2% decrease compared to the same period last year. The median price for an existing single-family home rose 2.9% to $408,000.

Condominium and co-op sales held steady at an annual rate of 380,000 units but were down 5% year-over-year. The median condo price rose 1.5% to $363,000.

Regional figures showed that sales in the West posted the steepest decline, plunging 9.4% in March to an annual rate of 770,000. However, sales in the West were up 1.3% compared to March 2024. The median home price in the region climbed 2.6% year-over-year to $621,200.

Related Posts

Iranian Pastor in West L.A. Speaks as Church Rocked by Immigration Raids 

June 28, 2025

June 28, 2025

Five Detained as Fear Spreads Through Persian Christian Faith Community  Fear has spread through a West Los Angeles congregation after...

Overdose Deaths Drop 22% in Los Angeles County, Marking Largest Decline on Record

June 28, 2025

June 28, 2025

Fentanyl Fatalities Fell 37% as County Ramps up Funding for Prevention, Treatment Drug overdose deaths in Los Angeles County declined...

Cinespia Brings Fireworks and Fan Favorites to Hollywood Forever This July

June 27, 2025

June 27, 2025

Watch Top Gun, La La Land, and More Under the Stars at Hollywood Forever Cinespia, Los Angeles’ iconic outdoor movie...

California Doubles Down on Hollywood: $750M in Tax Credits Approved for Film and TV Industry

June 27, 2025

June 27, 2025

State Lawmakers Back Major Expansion of Production Incentives, Raising Job Projections Los Angeles’ film and television industry is poised to...

Pedestrian Killed on 405 Freeway to State Route 90 Connector in Culver City 

June 27, 2025

June 27, 2025

Fatal Crash on Culver City Adds to Growing Safety Concerns Early Friday, a pedestrian died after being struck by a...

EEEEEATSCON Los Angeles Returns with Star Chefs, Firefighter Tribute, and Wildfire Relief Efforts

June 27, 2025

June 27, 2025

Culinary Festival Features Exclusive Restaurant Collabs, Support for Small Businesses  EEEEEATSCON Los Angeles, the celebrated food festival curated by The...

Supporters to Gather This Weekend for Longtime Culver City Paleta Seller Held in Detention

June 27, 2025

June 27, 2025

Family and Neighbors Will Gather Sunday to Sell Paletas and Raise Funds Supporters will gather this Sunday at Veterans Park...

Suspect Charged by Los Angeles DA with Shooting of Santa Monica Cop and Teens

June 27, 2025

June 27, 2025

Faces Attempted Murder Charges and Over 100 Years to Life in Prison if Convicted. Criminal charges have been filed against...

Captain America Hits the Skirball Big Screen for Heroic Outdoor Movie Night

June 27, 2025

June 27, 2025

Museum-Goers Can Also Catch a Superhero-Themed Drawing Session The Skirball Cultural Center will host an outdoor screening of Captain America:...

Demolition Underway at Beverly Grove Squatter Site After Mystery Fire Renews Safety Fears

June 27, 2025

June 27, 2025

Crews Begin Tearing Down Long-Vacant Apartments on First and Flores  Demolition has begun at a group of long-abandoned apartment buildings...

(Video) Welcome to the Urban Jungle — where nature meets the city and style meets soul

June 26, 2025

June 26, 2025

Whether you’re chasing that gritty city energy or carving out a green oasis in your space, we’re here to help...

Man Arrested in Shooting That Disrupted Vigil for Slain Teen at Culver City High, Police Say

June 26, 2025

June 26, 2025

Gunfire Erupted During Memorial Attended by Hundreds at Culver City High School The Culver City police department announced that a...

Santa Monica Police Arrest Shooting Suspect After Officer Ambushed Near Downtown Mall

June 26, 2025

June 26, 2025

Man Linked to Waymo Vehicle Gunfire Taken Into Custody Following Tense Manhunt The suspect wanted in connection with a shooting...

Michelin Stars Shine Bright on LA: Somni West Hollywood and Providence Earn Top Honors

June 26, 2025

June 26, 2025

Two Restaurants in Los Angeles Receive Three Stars as Michelin Guide Celebrates Bold Flavors The MICHELIN Guide California 2025 celebrated...

Cherished Culver City Ice Cream Vendor Abducted in Broad Daylight

June 26, 2025

June 26, 2025

Ambrocio “Enrique” Lozano’s Disappearance Led To Grassroots Action Ambrocio Lozano, also known in the neighborhood as Enrique, was abducted around...