According to the National Association of REALTORS®, existing-home sales in April decreased. All major regions in the United States experienced declines in both month-over-month and year-over-year sales.
Here are the highlights from the provided information on existing-home sales in April:
- Existing-home sales decreased 3.4% from March to a seasonally adjusted annual rate of 4.28 million.
- Compared to April 2022, sales slumped by 23.2%.
- Total housing inventory increased by 7.2% from March, with a 1.0% increase from the previous year.
- Unsold inventory represented a 2.9-month supply at the current sales pace.
- Prices rose in the Northeast and Midwest but retreated in the South and West.
- Properties typically remained on the market for 22 days in April.
- First-time buyers accounted for 29% of sales in April, an increase from the previous month and the last year.
- All-cash sales accounted for 28% of transactions, with individual investors or second-home buyers making up a significant portion.
- Distressed sales, including foreclosures and short sales, represented 1% of sales in April.
- The 30-year fixed-rate mortgage averaged 6.35%, down slightly from the previous week but up from one year ago.
- Existing-home sales declined in all four major U.S. regions: Northeast, Midwest, South, and West.
- Median prices varied across regions, with increases in the Northeast and Midwest and decreases in the South and West.