April 24, 2025

Sam Kornick

Colorado, Minnesota, National, Oklahoma, North Carolina, Oregon

Existing-Home Sales Receded 5.9% in March

April 24, 2025

Sam Kornick

Colorado, Minnesota, National, Oklahoma, North Carolina, Oregon

Existing-home sales descended in March, according to the National Association of REALTORS®. Sales slid in all four major U.S. regions. Year-over-year, sales dropped in the Midwest and South, increased in the West and were unchanged in the Northeast.

Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – fell 5.9% from February to a seasonally adjusted annual rate of 4.02 million in March. Year-over-year, sales drew back 2.4% (down from 4.12 million in March 2024).

"Home buying and selling remained sluggish in March due to the affordability challenges associated with high mortgage rates," said NAR Chief Economist Lawrence Yun. "Residential housing mobility, currently at historical lows, signals the troublesome possibility of less economic mobility for society."

Total housing inventory registered at the end of March was 1.33 million units, up 8.1% from February and 19.8% from one year ago (1.11 million). Unsold inventory sits at a 4.0-month supply at the current sales pace, up from 3.5 months in February and 3.2 months in March 2024.

The median existing-home price3 for all housing types in March was $403,700, up 2.7% from one year ago ($392,900). All four U.S. regions registered price increases.

"In a stark contrast to the stock and bond markets, household wealth in residential real estate continues to reach new heights," Yun said. "With mortgage delinquencies at near-historical lows, the housing market is on solid footing. A small deceleration in home price gains, which was slightly below wage-growth increases in March, would be a welcome improvement for affordability. With real estate asset valuation at $52 trillion, according to the Federal Reserve Flow of Funds, each percentage point gain in home prices adds more than $500 billion to the household balance sheet."

REALTORS® Confidence Index

According to the monthly REALTORS® Confidence Index, properties typically remained on the market for 36 days in March, down from 42 days in February but up from 33 days in March 2024.

First-time buyers were responsible for 32% of sales in March, up from 31% in February 2025 and identical to March 2024. NAR's 2024 Profile of Home Buyers and Sellers – released November 20244 – found that the annual share of first-time buyers was 24%, the lowest ever recorded.

Cash sales accounted for 26% of transactions in March, down from 32% in February and 28% in March 2024.

Individual investors or second-home buyers, who make up many cash sales, purchased 15% of homes in March, down from 16% in February and unchanged from March 2024.

Distressed sales5 – foreclosures and short sales – represented 3% of sales in March, unchanged from February and up from 2% the prior year.

Mortgage Rates

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.83% as of April 17. That's up from 6.62% one week before but down from 7.1% one year ago.

Single-family and Condo/Co-op Sales

Single-family home sales retreated 6.4% to a seasonally adjusted annual rate of 3.64 million in March, down 2.2% from the previous year. The median existing single-family home price was $408,000 in March, up 2.9% from March 2024.

Existing condominium and co-op sales were unchanged in March at a seasonally adjusted annual rate of 380,000 units, down 5.0% from one year ago. The median existing condo price was $363,000 in March, up 1.5% from the prior year ($357,700).

Regional Breakdown

In March, existing-home sales in the Northeast declined 2.0% from February to an annual rate of 490,000, identical to March 2024. The median price in the Northeast was $468,000, up 7.7% from one year earlier.

In the Midwest, existing-home sales waned 5.0% in March to an annual rate of 950,000, down 3.1% from the previous year. The median price in the Midwest was $302,100, up 3.5% from March 2024.

Existing-home sales in the South contracted 5.7% from February to an annual rate of 1.81 million in March, down 4.2% from one year before. The median price in the South was $360,400, up 0.6% from last year.

In the West, existing-home sales plunged 9.4% in March to an annual rate of 770,000, up 1.3% from a year ago. The median price in the West was $621,200, up 2.6% from March 2024.

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April 24, 2025

Sam Kornick

Colorado, Minnesota, National, North Carolina, Oklahoma, Oregon

9 Ways to Maximize Natural Light in Your Home, According to Interior Designers

April 24, 2025

Sam Kornick

Colorado, Minnesota, National, North Carolina, Oklahoma, Oregon

When you consider home design, primary features like furniture, layout, and décor details obviously come to mind. But one aspect that’s of concern to every interior designer is how light fills the space. Often, the mission is to maximize sunlight in every room during the daytime hours, which makes a home feel more expansive, warm, and inviting.

Beyond aesthetics, science has a thing or two to say about the mental health benefits of sunlight, tying it to increased productivity and even a boosted mood. So how do you extract as much sunshine as possible? We’ve got a full guide below with interior designer tips and tricks.

Use Light Colors and Reflective Finishes

Lighter colors through paint, textiles, and flooring will naturally make a space feel brighter and more airy. Additionally, reflective finishes—like satin and semi-gloss paints versus matte—will help the light bounce for a sunnier-feeling space, says interior designer Lauren Winsor. Just be mindful that shinier paint finishes can highlight imperfections, so make sure your walls are smooth and prepped for best results.

Incorporate Glass and Mirrors

Speaking of reflective surfaces, mirrors and glass do an excellent job of nixing shadowy spaces because of the way they bounce light around a room. A strategically placed mirror or pane of glass (think: picture frames, glass cabinetry, or table top) will help multiply natural light sources,” Winsor explains. “Just be careful about placing large mirrors directly across from a window as it can create glare.”

Rethink Your Layout

Layout may only seem consequential as far as “flow” goes, but it can also impact how much light fills your space. “Rethink your layout to avoid blocking windows or creating dark corners,” says interior designer Emma Corner. “Pull furniture away from window areas, opt for low-profile pieces when possible, and avoid heavy, dark window treatments that can weigh down a room.”

Add Windows in Strategic Places

If you’re building your home or renovating it, it's important to know which direction they face. "East-facing windows will bring in the crisp morning light, while west-facing windows will provide that golden-hour glow,” explains Kayleigh Eppinger, principal at Epp Interiors. “Conversely, north-facing windows will only allow indirect light into a space which won't provide much bang for your buck.”

Hang Drapes High and Wide

Just about every interior designer recommends hanging your drapery high and wide. The effect not only makes your windows appear larger, but also allows for the most light to enter the room. "If you want a lot of light but need privacy, consider adding blinds or sheers inside of your drapery," Winsor suggests. "The layered effect is both beautiful and functional."

Weave Metallics in Your Décor

In the same way light reflects of glass, mirrors, and reflective paints, metallic décor can help light bounce around the room and prevent it from being absorbed into dark surfaces, explains Mark Schubert, principal designer at Phillip Harrison Interiors. This might look like chrome lamp bases, gilded light fixtures, or metal picture frames and sculptures.

Opt for Light-Filtering Drapery

Light-blocking drapes are great for bedrooms where you want to get some peaceful shut-eye, but opt for light-filtering drapes in gathering spaces where you want more sunshine.

For example, Eppinger says, “Window treatments made of bamboo or lace will cut down on harsh direct light that might be uncomfortable in someone's face, but still allows for all the ambient light to pass through and brighten the space.”

Soften Your Space With Organic Materials

Incorporate soft, organic materials like linen, rattan, bamboo, white oak, or soft wool to help maximize sunlight. Schubert says these naturally pale materials keep the space grounded and inviting without causing a room to feel too sterile. The idea is that you want a balance of both reflective surfaces and soft textiles for a more welcoming space.

Keep Your Windows Clean

Keeping your windows sparkling clean may seem a bit of a no-brainer, but the reality is that this chore is often overlooked.

Windows gather dust, droplets, and grime, all of which can impact the light flowing into a space, Corner says. Clean your interior windows at least once a month, and deep clean the exterior (including screens) in the spring and fall.

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April 24, 2025

Sam Kornick

Colorado, Minnesota, National, North Carolina, Oklahoma, Oregon

Do You Think the Housing Market’s About To Crash? Read This First

April 24, 2025

Sam Kornick

Colorado, Minnesota, National, North Carolina, Oklahoma, Oregon

Lately, it feels like a lot of people have been asking the same question: “Is the housing market about to crash?”

If you’ve been scrolling through social media or watching the news, you might have seen some pretty scary headlines yourself. That’s why it’s no surprise that, according to data from Clever Real Estate, 70% of Americans are worried about a housing crash in 2025.

But before you hit pause on your plans to buy or sell a home, take a deep breath. The truth is: the housing market isn’t about to crash – it’s just shifting. And that shift actually works in your favor.

Today’s Inventory Keeps the Housing Market from Crashing

Mark Fleming, Chief Economist at First American, says:

“There’s just generally not enough supply. There are more people than housing inventory. It’s Econ 101.”

Think about it. If there’s a shortage of something – like tickets to a popular concert – prices go up. That’s what’s been happening with homes. We still have a shortage of supply. Too many buyers and not enough homes push prices higher.

Check out the white line for 2025 in the graph below. Even though the number of homes for sale is climbing, data from Realtor.com shows we’re still well below normal levels (shown in gray):

That ongoing low supply is what’s stopping home prices from dropping at the national level. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:

“… if there’s a shortage, prices simply cannot crash.”

More Homes for Sale Means Price Growth Is Easing

And, as more homes become available, that takes some of the intense upward pressure off home price growth – leading to healthier price appreciation.

So, while prices aren’t falling nationally, growing inventory means they also aren’t rising as fast as they were. What we’re seeing is price moderation (see graph below):

And according to Freddie Mac, that moderation should continue through the rest of this year:

“In 2025, we expect the pace of house price appreciation to moderate from the levels seen in 2024, while still maintaining a positive trajectory.”

Put simply, that means prices will continue going up in most areas, just not as quickly. That’s good news for anyone who’s been having trouble finding a home and feeling sticker shock from the rapid price appreciation of the past few years.

But of course, what’s happening with prices and inventory is going to vary by local market. So, talk to your agent to find out what’s happening where you live.

Bottom Line

Don’t let the talk scare you. Experts agree that a housing market crash is unlikely in 2025. As Business Insider reports:

“. . . economists who study housing market conditions generally do not expect a crash in 2025 or beyond unless the economic outlook changes.”

Instead, we’re heading into a housing market that’s healthier and more balanced, with slower price growth and more opportunity.

Chat with a local real estate agent about what’s happening in your local market and how you can make the most of it.

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April 24, 2025

Sam Kornick

Colorado, Minnesota, National, North Carolina, Oklahoma, Oregon

Nearly half of home sellers are offering concessions

April 24, 2025

Sam Kornick

Colorado, Minnesota, National, North Carolina, Oklahoma, Oregon

U.S. home sellers offered concessions to buyers in near-record numbers during the first quarter of 2025 as rising housing costs, high mortgage rates and growing economic uncertainty continued to reshape the real estate landscape.

According to a new report from Redfin, 44.4% of home sales from January through March included concessions such as money toward repairs, closing costs or mortgage rate buydowns. That’s up from 39.3% a year ago and close to the record figure of 45.1% at the start of 2023.

Seller are turning to concessions more frequently as buyers grow more cautious. Listings have reached a five-year high, giving house hunters increased bargaining power.

“Buyers used to ask for concessions to cover little things like repairs. Now they’re negotiating concessions so they can afford to buy a home,” said Chaley McVay, a Redfin Premier agent in Portland, Oregon. “A lot of sellers are offering money for mortgage-rate buydowns, and I recently had one seller cover seven months of HOA fees for the buyer.”

McVay said concessions have become a strategic way for sellers to meet buyers’ financial needs without lowering their sale price.

“Sellers are feeling nervous because a lot of them bought at the top of the market in 2021 and 2022, and will now be re-buying at a higher mortgage rate. They’re worried about net proceeds,” she said.

“That’s why I recommend my buyers ask for concessions instead of a lower sale price — it can be a win-win because then the buyer is catching a break and the seller doesn’t have to go below the price they had in their head.”

Regional disparities in concessions

The trend is particularly strong in the Pacific Northwest.

In Seattle, 71.3% of sellers offered concessions in Q1 2025 — the highest share among the 24 major U.S. metros analyzed by Redfin. That figure nearly doubled from 36.4% a year earlier, marking the largest year-over-year increase among large metros.

“It’s super common to see seller concessions for condos and new-construction townhomes, but less so for single-family homes — unless the single-family home has been sitting on the market for a while,” said Stephanie Kastner, a Redfin Premier agent in Seattle.

“Condos have become a tougher sell because of skyrocketing HOA fees and insurance. And builders are offering concessions because it’s in their best interest to keep sale prices high; they’re willing to pay buyers’ closing costs and maybe provide a free washer-dryer if it means they don’t have to drop the listing price.”

Portland had the second-largest increase in concessions, rising 14.2 percentage points during the year to 63.9%. Other metros with notable increases include Los Angeles (up 11 points to 56.1%), San Jose (up 10.6 points to 16.7%), and Houston (up 6.2 pts to 46%).

In contrast, New York City saw the sharpest decline. Just 5.5% of home sellers there included concessions — down 15.7 percentage points from a year ago and the lowest share among the surveyed metros. Miami (down 13.1 points to 33.8%), San Antonio (down 10.9 points to 44.4%), Tampa (down 9.2 points to 33.9%) and Phoenix (down 3.5 points to 51.2%) also recorded decreases.

Redfin analysts note that markets in Florida and Texas have already been adjusting to a slower pace for some time. This has led sellers to price homes more competitively upfront and reduce the need for concessions.

More discount-concession combos

A growing number of sellers are combining concessions with price cuts or accepting offers below asking price. Redfin reports that:

21.5% of homes sold in Q1 2025 went for less than asking price and included a seller concession (up from 18.5% a year ago)

16.2% involved a price cut and a concession (up from 13%)

9.9% involved a price cut, a concession and a sale price below the initial asking price (up from 8%)

Softening demand is also reflected in a rising number of deal cancellations.

In March, 13.4% of home purchase agreements fell through, according to Redfin — equivalent to about 52,000 transactions. That’s the third-highest rate for March since at least 2017 and trails only 2020, when disruptions from the COVID-19 pandemic temporarily froze the market.