WASHINGTON (April 30, 2025) – National housing market activity picked up in March, with pending home sales rising 6.1% from the previous month — the strongest monthly gain since December 2023. According to the latest data from the National Association of REALTORS® (NAR), this momentum signals increased confidence and activity among buyers heading into the spring season.

However, the picture was not uniform across the country. While the South led the surge with notable increases, the Northeast region experienced a modest decline, emphasizing the need for local market awareness among real estate professionals.

Understanding the March Numbers

NAR’s Pending Home Sales Index (PHSI) — a leading indicator of housing activity based on contract signings — climbed to 76.5 in March. While this marks a strong 6.1% gain month-over-month, pending transactions were still down 0.6% year-over-year.

Are you or someone you know making a meaningful impact in your community through volunteer service? The National Association of Realtors® (NAR) is now accepting applications for the 2025 Good Neighbor Awards, a prestigious program that honors Realtors® who go above and beyond to give back.

Since its inception in 2000, the Good Neighbor Awards have recognized more than 250 Realtors® for their selfless volunteer work, contributing over $1.5 million to nonprofit organizations. This award highlights the dedication of Realtors® who use their time and resources to create lasting change in their communities.

What You Need to Know:

• Application Deadline: April 18, 2025
• Award Benefits:
  • Five winners will receive a $10,000 grant for their nonprofit organization.
  • Five honorable mentions will each receive a $2,500 grant.
  • Winners will be honored at NAR NXT, The REALTOR® Experience in November 2025 in Houston, Texas.
• Eligibility: Nominees must be an NAR member in good standing and actively volunteer for a 501(c)(3) nonprofit organization.

As members of the North Central Jersey Association of Realtors (NCJAR), staying informed about the national housing market trends is crucial for guiding clients effectively. The latest report from the National Association of REALTORS® (NAR) reveals noteworthy developments in existing-home sales, offering valuable insights into the state of the market as we begin 2025.

Key Highlights

• Sales Growth: December saw a 2.2% increase in total existing-home sales compared to November, with a seasonally adjusted annual rate of 4.24 million. This marks a significant 9.3% year-over-year growth from December 2023.

• Annual Trends: Despite the December rebound, 2024 recorded the lowest annual existing-home sales volume since 1995 at 4.06 million. However, the median home price hit a record high of $407,500.

• Inventory Levels: Total housing inventory at the end of December stood at 1.15 million units, down 13.5% from November but up 16.2% year-over-year. The unsold inventory represented a 3.3-month supply at the current sales pace.

Regional Performance

• Northeast: Sales climbed 3.9% month-over-month to an annual rate of 530,000, up 10.4% from December 2023. The median price surged 11.8% to $478,900.

• Midwest: Sales slipped by 1.0% in December to an annual rate of 990,000 but still rose 6.5% year-over-year. The median price increased by 9.0% to $298,600.

• South: A 3.2% monthly sales increase brought the annual rate to 1.93 million, reflecting a 9.0% year-over-year rise. Median prices grew 3.4% to $361,800.

• West: Sales increased 2.6% month-over-month to an annual rate of 790,000, up 12.9% year-over-year. The median price rose by 6.0% to $614,500.