The National Association of REALTORS’® Pending Home Sales Index rose 6.9% in March, compared to economists’ expectations of a smaller 1% gain.

The pace of sales rose 7.4% compared to February, topping analyst estimates by a large margin.

The surprisingly large decline in the pace of housing starts comes as builder sentiment remains depressed by tariff worries and high prices. 

Home listings jumped 21.4% year over year in March according to a new report from the Massachusetts Association of REALTORS®.

Last month, home sales in greater Boston decreased 5.8% to 1,145. The median price of a single-family home increased 2.2% year over year.

“Each interaction indicates buyer interest in that home, and listings with higher engagement levels tend to sell faster and at or above the list price,” Zillow Senior Economist Kara Ng explained.

Condos make up a majority of the top 10 most expensive homes for sale in Boston as of April 1.

Meanwhile, purchase applications showed their strongest increase in almost two months, rising 7% year over year.

The National Association of REALTORS’® Pending Home Sales Index rose 2% month over month in February, topping an expected 0.9% gain. 

Nationally, home sales were down 2.6% year over year and up 8.4% month over month, RE/MAX said. 

The median existing-home price was also on the upswing last month, providing homeowners a bit of refuge as the stock market undergoes a correction, Chief Economist Lawrence Yun said in the monthly report. 

The pace of new-home construction was higher than economists expected, even as homebuilders expressed concern about the impact of tariffs and supply-side challenges. 

While January saw a surge in new listings, February’s listing activity was hampered by snow storms and freezing temperatures. 

Falling consumer sentiment suggests potential homebuyers are wary of the short-term economic outlook and future inflation, CoreLogic Chief Economist Selma Hepp said. 

Meanwhile, days on market fell last month as did housing starts.

At the same time, the median sales price for a new home hit its highest level since 2022, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.