Existing-Home Sales Fall 2.3 Percent – NMP Skip to main content

Existing-Home Sales Fall 2.3 Percent

Phil Hall
May 24, 2017
The 30-year fixed mortgage rate increased for the ninth consecutive week, reaching its highest level in three years, according to new data from Freddie Mac

Total existing-home sales took a 2.3 percent drop last month to a seasonally adjusted annual rate of 5.57 million from the downwardly revised 5.70 million in March, according to new data from the National Association of Realtors (NAR). On a year-over-year-basis, sales were up by 1.6 percent.
 
The median existing-home price for all housing types in April was $244,800, which is six percent above the April 2016 level of $230,900. April's price increase is the 62nd consecutive month of year-over-year gains.
 
The total housing inventory at the end of April climbed 7.2 percent to 1.93 million existing homes available for sale, but was nine percent lower than a year ago, marking the 23rd consecutive month of year-over-year declines. Unsold inventory is at a 4.2-month supply at the current sales pace, which is down from 4.6 months a year ago.  
 
“Last month's dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2 percent, and new and existing inventory is not keeping up with the fast pace homes are coming off the market,” said NAR Chief Economist Lawrence Yun. "Demand is easily outstripping supply in most of the country and it's stymieing many prospective buyers from finding a home to purchase."
Existing-Home Sales Fall 2.3 Percent


 
Published
May 24, 2017
Revolution Mortgage Opens Second Mortgage Branch In Cincinnati

Columbus, OH-based Revolution Mortgage announced the opening of its second branch in Cincinnati and 14th branch in Ohio.

Industry News
Dec 06, 2021
Nations Lending Teams Up With NBA Legend Dennis Rodman On Integrated Brand Campaign

Nations Lending, a full-service national mortgage lender, announced the launch of its first integrated brand campaign starring NBA Champion and All-Star Dennis Rodman.

Sales and Marketing
Dec 06, 2021
Black Couple 'Erased Themselves' From Home, Receives Higher Appraisal

Paul Austin and his wife, Tenisha Tate-Austin are looking to take legal action after receiving a higher appraisal on their home only after “white-washing” their home by removing any trace of themselves.

Industry News
Dec 06, 2021
Manufactured Housing: The New Affordable Alternative

While the housing market is grappling with widespread affordability and supply, manufactured homes are gaining ground as a new alternative. 

Industry News
Dec 03, 2021
Angel Oak Home Loans Opens 3 New Branches

Continues expansion in Western U.S. with new branches in California, Nevada & Utah.

Industry News
Dec 02, 2021
Open Mortgage Names New President

Joe Stephenson, formerly of American Advisors Group, to lead daily operations.

Industry News
Dec 01, 2021