Existing-home sales were at a seasonally adjusted annual rate of about 4.00 million in April, down 0.5% compared with March and down 2.0% compared with April 2024, according to the National Association of Realtors (NAR).
The median existing-home sales price increased 1.8% from the previous month to $414,000.
That’s an all-time high for the month of April and the 22nd consecutive month of year-over-year price increases, NAR says.
The inventory of unsold existing homes surged 9.0% from the previous month to 1.45 million.
That’s about a 4.4-month supply at the current sales pace.
Regionally, and month-over-month, existing-home sales fell 2.0% in the Northeast and 3.9% in the West but increased 2.1% in the Midwest. Sales were flat month-over-month in the South.
“Home sales have been at 75 percent of normal or pre-pandemic activity for the past three years, even with seven million jobs added to the economy,” says Lawrence Yun, chief economist for NAR, in a statement. “Pent-up housing demand continues to grow, though not realized. Any meaningful decline in mortgage rates will help release this demand.”
“At the macro level, we are still in a mild seller’s market,” Yun adds. “But with the highest inventory levels in nearly five years, consumers are in a better situation to negotiate for better deals.”
Photo: Roger Starnes Sr