The National Association of Realtors reported that existing home sales rose 1.5% in March compared with February, reaching a seasonally adjusted annual rate of about 4.02 million.
It is the first time sales have topped 4 million since last spring, and it comes after a stretch so slow that some agents started calling it the "deep freeze." The bigger story is inventory.
There were roughly 1.33 million homes for sale at the end of March, up notably from a year ago.
More listings sounds like good news for buyers, and in some ways it is.
More choices mean less pressure to waive inspections or bid $40,000 over asking just to win.
But here is the catch that keeps tripping people up: a lot of that new inventory is sitting on the market because it is priced wrong.
Sellers who bought in 2021 and watched their neighbor's house fetch a silly number two years ago are still anchoring to that number.
Buyers, meanwhile, are staring at a 6.5% mortgage rate and a grocery bill that refuses to shrink.
The math has changed in a way that is easy to miss.
A $400,000 loan at 7% costs about $2,660 a month in principal and interest.
It is a car payment, a chunk of daycare, or most of a family's monthly grocery budget.
So buyers are not just shopping for a house anymore.
That is why sellers who price realistically are still getting offers, sometimes within days.
The ones who list high and wait are watching their homes sit for 60, 90, even 120 days.
In some markets, price cuts have become the norm rather than the exception.
If you are selling this spring, the comps from 2022 are not your friend.
If you are buying, the playbook is different than it was a few years ago.
Get pre-approved before you tour anything, because sellers now want proof you can close, not just a letter saying you might.
Ask about seller concessions, which are back in style in many markets.
A seller paying for a rate buydown or covering closing costs can save you more than another round of negotiation on the sticker price.
One more thing worth checking: your credit score.
The difference between a 720 and a 760 can move your rate enough to matter over 30 years.
It is boring advice, but it is the kind of boring that shows up as real money every month.
The housing market is not crashing, and it is not roaring back either.
It is slowly thawing, with buyers holding more cards than they have in years but still squeezed by rates.
That mix rewards patience and punishes wishful thinking.
If you are buying, focus on the monthly payment, not the list price, and negotiate hard on the things sellers can actually control.
Final Thoughts
If you are selling, price like it is 2025, not 2022, or plan to wait.