While the number of homes on the market in the US is now 9.5 percent higher on a year-over-year basis, and “the weather” is no longer a remotely credible excuse, existing-home sales slipped again in March and are now running 7.5 percent lower year-over-year, the slowest pace of sales since July of 2012.
The pace of existing-home sales in the West fell 3.7 percent from February to March and is running 13.4 percent lower on a year-over-year basis versus 10.1 percent lower last month.