Existing-Home Market Sees 1.9% Decrease in April

Existing home sales declined in April, with all four major U.S. regions posting month-over-month drops. Year-over-year, sales fell in the Northeast, Midwest, and South but increased in the West.

Total existing home sales fell 1.9% from March to an annual rate of 4.14 million in April and 1.9% year-over-year. NAR Chief Economist Lawrence Yun noted the upper-end market saw gains due to more supply.

Total housing inventory at the end of April was 1.21 million units, up 9% from March and 16.3% year-over-year. The unsold inventory was at a 3.5-month supply. For homes priced $1 million or more, inventory and sales rose by 34% and 40%, respectively.

The median existing home price in April was $407,600, up 5.7% from the previous year. All regions saw price gains. Yun expects price increases to slow as more inventory becomes available.

Properties typically remained on the market for 26 days in April. First-time buyers accounted for 33% of sales, up from March and April 2023. All-cash sales made up 28% of transactions. Individual investors purchased 16% of homes, and distressed sales were at 2%.

The 30-year fixed-rate mortgage averaged 7.02% as of May 16.

Single-family home sales decreased to an annual rate of 3.74 million in April, with a median price of $412,100. Condo and co-op sales remained at 400,000 units, with a median price of $365,300.

Regionally, existing home sales and median prices varied:

  • Northeast: Sales down 4% from March and April 2023, median price $458,500, up 8.5%.
  • Midwest: Sales were down 1% from March and April 2023, but the median price was $303,600, up 6%.
  • South: Sales down 1.6% from March and 3.1% year-over-year, median price $366,200, up 3.7%.
  • West: Sales are down 2.6% from March but up 1.3% year-over-year, median price of $629,600, up 9.3%.

Source: NAR