Spring usually brings more homes onto the market — but it’s not making them any more affordable so far this year.
The median existing-home price rose to $408,800 in March, up 1.4% from a year earlier and a record high for the month, per the National Association of Realtors.
At the same time, other costs haven’t eased. Inflation rose 3.3% year over year in March, according to the Consumer Price Index, which measures the cost of everyday goods and services. It has remained above the Federal Reserve’s 2% target since early 2021, putting sustained pressure on household budgets and making it harder to save for a home.
There hasn’t been much relief for borrowing costs, either. The average 30-year fixed mortgage rate is 6.32%, according to Mortgage News Daily, and has remained above 6% for nearly four years, keeping monthly payments out of reach for many buyers.
With fewer people able to afford homes, existing-home sales fell 3.6% in March to a seasonally adjusted annual rate of 3.98 million, the lowest level since June 2025, according to NAR — a weak start to what is typically the busiest homebuying season of the year.
