Existing Home Sales (Annualized) vs Federal Funds Rate (Target Range Upper Bound)
Existing Home Sales (Annualized) is currently 4.26M (up +0.2M). Federal Funds Rate (Target Range Upper Bound) is currently 4.5% (flat 0.0%).
| Metric | Existing Home Sales (Annualized) | Federal Funds Rate (Target Range Upper Bound) |
|---|---|---|
| Current value | 4.26M | 4.5% |
| Previous reading | 4.08M | 4.5% |
| Change | +0.2M | 0.0% |
| Trend | up | flat |
| Frequency | Monthly | As Announced |
| Source | National Association of Realtors | Federal Reserve |
| Last updated | 2026-03-20 | 2026-03-19 |
| Category | housing | rates |
What Existing Home Sales (Annualized) measures
Existing home sales measures the number of completed sales of previously owned homes, expressed as a seasonally adjusted annual rate. It accounts for approximately 85-90% of all home sales in the U.S.
At 4.26 million, existing home sales remain well below the 2021 peak of 6.1 million. The 'lock-in effect' — where homeowners refuse to give up sub-4% mortgages — continues to constrain inventory. For executives, this suppressed transaction volume affects real estate commissions, moving services, home improvement spending, and mortgage origination revenue across the industry.
What Federal Funds Rate (Target Range Upper Bound) measures
The federal funds rate is the interest rate at which banks lend to each other overnight. Set by the Federal Reserve's FOMC, it is the most important interest rate in the world — influencing everything from mortgage rates to corporate borrowing costs to the value of the dollar.
The Fed has held rates at 4.25-4.50% since December 2024, pausing after three cuts. For executives, this means borrowing costs remain elevated: corporate bond yields, commercial real estate financing, and revolving credit all price off the fed funds rate. The 'higher for longer' stance means capital-intensive projects need higher return hurdles. Companies with strong cash positions have an advantage over those reliant on debt financing.
Frequently asked
Existing Home Sales (Annualized) is currently 4.26M, up +0.2M from the previous reading. Source: National Association of Realtors, updated monthly.
Federal Funds Rate (Target Range Upper Bound) is currently 4.5%, flat 0.0% from the previous reading. Source: Federal Reserve, updated as announced.
At 4.26 million, existing home sales remain well below the 2021 peak of 6.1 million. The 'lock-in effect' — where homeowners refuse to give up sub-4% mortgages — continues to constrain inventory. For The Fed has held rates at 4.25-4.50% since December 2024, pausing after three cuts. For executives, this means borrowing costs remain elevated: corporate bond yields, commercial real estate financing,