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Existing home sales fell 3.6% in March from February to a seasonally adjusted annual rate of 3.98 million units, according to the National Association of Realtors.
Lawrence Yun, the chief economist for the National Association of Realtors, stated, "The housing market is in a funk."
Yun also mentioned, "The housing market is underperforming in relation to economic performance."
The decline in home sales was attributed to a lack of inventory and rising prices, with Yun noting, "Affordability challenges persist."
Yun emphasized the need for more housing construction, stating, "More supply is needed to provide a healthy amount of options for buyers.
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