US existing-home sales declined 2.4% month-over-month as of the last measure, according to the National Association of REALTORS® (NAR), reversing February’s sales gain of 14.5%. Fluctuations in mortgage interest rates have caused buyers to pull back, with pending sales dropping 5.2% month-over-month. Meanwhile, the median existing-home sales price declined for the second month in a row, falling 0.9% nationally from the same time last year, the largest year-over-year decline since January 2012, according to NAR.

New listings decreased by 21.1% for residential homes and 33.2% for townhouse/condo homes. Pending sales decreased by 18% for residential homes and 22% for townhouse/condo homes. Inventory decreased by 1.7% for residential homes and 10.8% for townhouse/condo homes.

Median sales price increased 5.3% to $276,000 for residential homes and 3.3% to $219,000 for townhouse/condo homes. Days on market increased 12% for residential homes and 48% for townhouse/condo homes. Months supply of inventory increased by 27.3% for residential homes and 9.1% for townhouse/condo homes.