Existing Home Sales Decline In April

Existing-home sales dipped 1.9% in April to a seasonally adjusted annual rate of 4.14 million. They were also 1.9% lower than in April 2023, according to the latest report from the National Association of Realtors (NAR).

All four major U.S. regions posted month-over-month declines. Year-over-year, sales decreased in the Northeast, Midwest, and South, but increased in the West.

“Home sales changed little overall, but the upper-end market is experiencing a sizable gain due to more supply coming onto the market,” said NAR Chief Economist Lawrence Yun.

Yun was more optimistic about the median existing-home sales price, which grew 5.7% from April 2023 to $407,600. This marks the tenth consecutive month of year-over-year price gains and the highest price ever for the month of April, according to the NAR.

“Home prices reaching a record high for the month of April is very good news for homeowners,” Yun pointed out. “However, the pace of price increases should taper off since more housing inventory is becoming available.”

The inventory of unsold existing homes climbed 9% from one month ago to 1.21 million at the end of April, or the equivalent of 3.5 months’ supply at the current monthly sales pace. Total inventory is up 16.3% from last April.