First Quarter Residential Home Sales Lower Than Last Year

By: Maria Girlie Pascual

Higher mortgage rates, low inventory, and now the issue of rising tariffs and the potential for a looming economic crisis brought on by the new administration’s changing policies across the board has everyone holding and catching their breaths, wondering where this will all end, and to what extent will it affect job security, cost of goods particularly consumer products, and home buying power. According to real estate data, the usually robust Spring real estate market was down by 2.4% from the same time in March of last year, translating to fewer sold units than expected for the first quarter of 2025. Although the national median home price rose about 2.7% to an all time high of $403,700, at the beginning of this year, it was still a lower annual increase from last August of 2024. While mortgage rates dipped a little providing a much needed relief from the 7 to 7.5% rates at the beginning of the year, it is still a point of frustration for homebuyers looking to move before home prices start moving upwards when the cost of new homes potentially rise due to building material tariffs and such. In fact, there were 1.33 million UNSOLD homes this March, compared to the same time last year.

Still, the age old question of “when is the best time to buy a home” is more relevant than ever. According to Barbara Cochran, a self made billionaire who dominated New York real estate for a time, has said in an interview a month ago, that in making a decision to buy or rent, location and where you live plays an important factor in that decision. In cities like New York, San Francisco, Seattle and Salt Lake, where rents are more affordable than owning a property, it may make sense to rent, but in cities like CHICAGO, New Orleans, Memphis and Ohio where home ownership is within reach of the national median price, then buying will be the way to go. Afterall, the national highest sales increase for properties was a whopping 54% in some markets, compared to rental prices that rose upwards of 18% across the United States.

Again, I am here to help you with whatever home buying or home selling decisions you will be making. Put my almost four decades of real estate experience to work for you, and with you. I have now become “extended family” to a lot of my clients turned friends, and continue to be a part of their first home, first investment, their children’s first homes, and it goes on and on. After all, it is all about trust, good old fashioned hard work and dedication that has put me where I am today. Do not underestimate the power of experience versus technology, market knowhow against A/I. Call me and speak to me directly. I can help you achieve your real estate goals!