Existing-home sales fall in April
The National Association of Realtors reported this morning that total existing-home sales declined 3.4% in April to a seasonally adjusted rate of 4.28 million.
On a year-over-year basis, existing-home sales are down 23.2% from a rate of 5.57 million in April 2022. Total existing-home sales include completed transactions of single-family homes, townhomes, condos, and co-ops.
Single-family home sales decreased to a seasonally adjusted annual rate of 3.85 million in April, down 3.5% from 3.99 million in March and 22.4% from the previous year.
“Home sales are bouncing back and forth but remain above recent cyclical lows,” said NAR Chief Economist Lawrence Yun. “The combination of job gains, limited inventory and fluctuating mortgage rates over the last several months have created an environment of push-pull housing demand.”
The median existing-home price for all housing types in April was $388,800, a decline of 1.7% from April 2022 and a median price of $395,500. Prices rose in the Northeast and Midwest but retreated in the South and West.
The median existing single-family home price was $393,300 in April, down 2.1% from April 2022.
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.35% as of May 11. That’s down from 6.39% the previous week but up from 5.30% one year ago.
“Roughly half of the country is experiencing price gains,” Yun said. “Even in markets with lower prices, primarily the expensive West region, multiple-offer situations have returned in the spring buying season following the calmer winter market. Distressed and forced property sales are virtually nonexistent.”
Total housing inventory at the end of April was 1.04 million units, up 7.2% from March and 1% from one year ago (1.03 million).
Unsold inventory sits at a 2.9-month supply at the current sales pace, up from 2.6 months in March and 2.2 months in April 2022.
Properties typically remained on the market for 22 days in April, down from 29 days in March but up from 17 days in April 2022. About 73% of homes sold in April were on the market for less than a month.
Here’s how existing-home sales performed on a regional basis:
- Existing-home sales in the Northeast receded 1.9% from March to an annual rate of 510,000 in April, down 23.9% from April 2022. The median price in the Northeast was $422,700, up 2.8% from the previous year.
- In the Midwest, existing-home sales declined 1.9% from one month ago to an annual rate of 1.02 million in April, dropping 21.5% from the prior year. The median price in the Midwest was $287,300, up 1.8% from April 2022.
- Existing-home sales in the South decreased 3.4% from March to an annual rate of 1.98 million in April, a 20.2% decline from one year ago. The median price in the South was $357,900, down 0.6% from April 2022.
- In the West, existing-home sales slipped 6.1% from the previous month to an annual rate of 770,000 in April, down 31.3% from the previous year. The median price in the West was $578,200, down 8% from April 2022.
