Existing-Home Sales Fall 2.3 Percent

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."

About the author

Phil Hall

Link copied

Published

May 24, 2017

Military Lending

MISMO, VA Push To Digitize Veteran Loan Eligibility Process

New data standards aim to streamline Certificate of Eligibility requests, reduce manual processing and speed VA loan originations

MISMO has released new standardized data mappings designed to help lenders process VA loan eligibility requests more efficiently as part of the U.S. Department of Veterans Affairs' ongoing digital transformation of its Loan Guaranty program.Developed in collaboration with th...

Non-QM

Untapped Home Equity Creates Opportunity For Alternative-Doc HELOCs

New Home Equity Gap Index estimates U.S. homeowners hold $11 trillion in available equity as some Non-QM lenders expand options for self-employed borrowers

A new Home Equity Gap Index suggests that billions of dollars in home equity remain largely untapped, creating an opportunity for Non-QM lenders offering alternative-documentation HELOCs to borrowers who may not qualify under traditional underwriting.According to The Mortgag...

Jul

Chandler, AZ

More from

Industry News

President Trump Cancels 21st Century ROAD To Housing Act

Trump cancels signing the bipartisan housing bill, leaving affordability package in limbo

Industry News

Jun 24, 2026

Commercial, Multifamily Mortgage Debt Tops $5 Trillion In Q1

MBA says outstanding debt grew by $26.3 billion in the first quarter, led by multifamily lending and increased holdings from banks, agencies, and life insurers

Industry News

Jun 18, 2026

Fed Holds Rates Steady, But Outlook Dims For Mortgage Rate Relief

The Federal Reserve left rates unchanged but updated projections show more policymakers expecting additional hikes

Industry News

Jun 18, 2026

Congress Nears Final Vote On 21st Century ROAD to Housing Act

Senate voted 87-8 to advance House-amended package, with final votes expected in coming days

Industry News

Jun 17, 2026

Florida Pending Sales Signal Strong Summer Housing Market

Closed sales rise for a ninth straight month as inventory gives buyers more negotiating power