Existing home sales fell 8.5 percent in March compared to February’s figures, a pace that would see 5.27 million units sold during 2020, according to the National Association of Realtors. Interestingly, the number of sales wasn’t even 1 percent higher than it was a year ago. It should be remembered that deals closed in March will primarily have been based on contracts signed in late January and February. NAR’s chief economist Lawrence Yun said the number of sales could fall by up to 40 percent in the coming months. The biggest problem seems to be on the supply side rather than demand-based, as the number of units for sale fell 10.2 percent annually. This was caused by sellers delisting their properties as they became increasingly uncomfortable with the idea of strangers taking tours of their homes. “Homes are still selling fast, we just don’t have enough inventory,” Yun told CBNBC. Prices rose 8 percent in March, an annual increase of 8 percent.
