Constrained supply restricts sales

Existing-home sales dropped in March from February as buyers grapple with low inventory across the country. The annual rate of home sales in March was 4.4 million, down 22.0% from the year previous. The market faces serious uncertainty as the typically busy spring selling season approaches summer. Real estate has long anticipated a return to normal, but this year may prove to be a tumultuous interlude than once anticipated.