News Corp’s Realtor.com: Pending Sales Up 3.9%, Median Price Falls 2.2% to $415,450
Realtor.com’s March report shows pending home sales rose 3.9% year-over-year while new listings surged 21.2% month-over-month to 439,000 and active listings reached 964,477, up 8.1% annually. Median listing price declined 2.2% year-over-year to $415,450 as mortgage rates climbed for a fourth week, threatening spring momentum.
1. Sales and Inventory Trends
Pending sales increased 3.9% year-over-year in March, marking the third consecutive month of annual gains, while new listings jumped 21.2% from February to 439,000. Active listings climbed 8.1% year-over-year to 964,477, reflecting growing supply but still remaining 13.8% below pre-pandemic levels.
2. Price Movements and Affordability
The national median listing price fell 2.2% year-over-year to $415,450—the fifth straight monthly decline—while price per square foot dipped 2.5% to $225. Median days on market rose to 57 days, and the share of listings with price reductions eased to 16.2%, signaling more realistic initial pricing.
3. Metro-Level Inventory Shifts
Seattle led metros with a 42.5% year-over-year gain in active listings, followed by Louisville (+34.0%) and Indianapolis (+27.0%). Conversely, Orlando, Jacksonville, Hartford, San Francisco, Miami and Chicago saw declines. New listing growth was strongest in Milwaukee (+20.4%), Memphis (+17.4%) and Richmond (+16.7%).
4. April Outlook and Risks
Mortgage rates have climbed for four straight weeks, and geopolitical tensions risk replicating last year’s tariff-driven spring slowdown. Market participants will watch April listing activity closely to see if sellers retract and stall seasonal momentum.