Home Sales Hit 9-Month Low, Prices Reach Record High
Is the housing market in a nationwide crisis or are affordable local markets proving the system still works?
Above: A home for sale in Oro Valley, Arizona on Dec. 12, 2025. Image credit: Michael Yanow/NurPhoto/Getty Images
The Spin
Narrative A
The housing market is in serious trouble — existing home sales crashed to 3.98M in March, missing expectations and hitting a nine-month low. High mortgage rates and an affordability crisis are strangling demand, and no relief is in sight. Inventory is piling up because buyers simply can't afford to jump in.
Narrative B
The national doom-and-gloom housing narrative falls apart when you look at markets like North Texas, where existing home sales surged over 20% in March. Lower prices and plentiful inventory are the real cure for a sluggish market — not waiting around for mortgage rates to drop. Affordable options bring buyers off the sidelines fast.