2nd Look at Local Housing Markets in March (2025)

This is the second look at several early reporting local markets in March. I’m tracking over 40 local housing markets in the US. Some of the 40 markets are states, and some are metropolitan areas. I’ll update these tables throughout the month as additional data is released.

Closed sales in March were mostly for contracts signed in January and February when 30-year mortgage rates averaged 6.96% and 6.84%, respectively (Freddie Mac PMMS). This was an increase from the average rate for homes that closed in February. This was before the recent surge in economic uncertainty and stock market volatility that might impact existing home sales.

NOTE: The tables for active listings, new listings and closed sales all include a comparison to March 2019 for each local market (some 2019 data is not available).

Months of Supply

Here is a look at months-of-supply using NSA sales. Since this is NSA data, it is likely months-of-supply will increase into the Summer.

Months in red are areas that are seeing 5 months of supply now and might see price pressures later this summer.

Active Inventory in March

Here is a summary of active listings for these early reporting housing markets.

Inventory was up 38.2% year-over-year. Last month inventory in these markets was up 34.3% YoY. It appears inventory is picking up more than usual in the Spring.

Comparing to March 2019, inventory is up sharply in Jacksonville and down in Raliegh.

Notes for all tables:

1. New additions to table in BOLD.

2. Northwest (Seattle), Jacksonville Source: Northeast Florida Association of REALTORS®

3. Totals do not include Atlanta and Denver (included in state total)

4. Comparison to 2019 ONLY includes local markets with available 2019 data!

New Listings in March

And here is a table for new listings in March (some areas don’t report new listings). For these areas, new listings were up 18.3% year-over-year.

Last month, new listings in these markets were up 6.0% year-over-year.

New listings activity is picking up, but still at historically low levels. New listings in most of these areas are down compared to March 2019 activity (new listings are up in Jacksonville).

Closed Sales in March

And a table of March sales.

In March, sales in these markets were down 1.3% YoY. Last month, in February, these same markets were down 6.2% year-over-year Not Seasonally Adjusted (NSA).

Important: There were the same number of working days in March 2025 (21) as in March 2024 (21). So, the year-over-year change in the headline SA data will be close to the change in the NSA data (there are other seasonal factors).

Last month, there was one fewer working day in February 2025 (19) as compared to February 2024 (20). So, the year-over-year change in the NAR headline SA data (down 1.2% YoY) was less negative than the change in the NAR NSA data (down 5.2% YoY).

Sales in all of these markets are down compared to March 2019.

This graph shows existing home sales by month for 2024 and 2025, on a Seasonally Adjusted Annual Rate (SAAR) basis. Last year, the NAR reported sales in March 2024 were at 4.12 million SAAR.

This early data suggests that the March existing home sales report will be down from February (SA) and might show a year-over-year decrease for the second consecutive month.

This was just several early reporting markets. Many more local markets to come!