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Each month, the Research Update report provides a summary of the data, reports, blog posts, and instant reactions produced by NAR's research team.
March 2025
Recording: FREE Real Estate Forecast Summit
On March 21, 2025, from 2:00 – 3:00 p.m. ET, NAR held a virtual economic and real estate summit focusing on residential and commercial markets.
Data
Existing-Home Sales
Existing-home sales ascended in February. For both monthly and year-over-year sales, two major U.S. regions experienced growth, one region remained stable, and the other registered a decline. Total existing-home sales progressed 4.2% from January to a seasonally adjusted annual rate of 4.26 million in February. Year-over-year, sales slid 1.2% (down from 4.31 million in February 2024).
Pending Home Sales
Pending home sales improved 2.0% in February. The Northeast and West experienced month-over-month losses in transactions – with a larger decrease in the West – while the Midwest and South saw gains, which were greatest in the South. Year-over-year, contract signings dropped in all four U.S. regions, with the Midwest undergoing the greatest reduction. The Pending Home Sales Index (PHSI) grew 2.0% to 72.0 in February. Year-over-year, pending transactions declined 3.6%. An index of 100 is equal to the level of contract activity in 2001.
Housing Affordability Index
The housing affordability index decreased slightly to 100.7 in January from 100.9 in December. An index above 100 means that a family with a median income has more than the income required to afford a median-priced home.
REALTORS® Confidence Index
50% of respondents reported that properties sold in less than one month. This is up slightly from a month ago (47%) and down from 56% one year ago. 32% of buyers had all-cash sales, up from 29% one month ago and down slightly from 33% one year ago. First-time buyers represented 31% of buyers, up from 28% last month and 26% one year ago.
Metro Market Statistics
Use the data visualization to get your local area's most recent housing, demographic, economic, and affordability statistics.
Reports
Presentations
- March 2025 NAR Real Estate and Economic Outlook
- March 2025 NAR Real Estate Forecast Summit: Commercial Update
Articles on the Economy
- Home Sweet Home: The 2024 Scoop on Single Female Home Buyers
- Pending Home Sales and Seasonality
- Understanding the Impact of the National Flood Insurance Program on Home Buyers, Sellers, and the Economy
- Existing-Home Sales Fall 4.9% in January 2025 After Three Months of Gains