Existing-home sales decline off their peak in April
March's numbers may have created a new 10-year high, but April's existing-home sales fell short of that high water mark.
Total existing-home sales were down 2.3% to a seasonally adjusted annual rate of 5.57 million in April, compared to a downwardly revised 5.70 million in March.
Low supply levels, which pushed the median number of days a home was on the market to a new low of 29 days, contributed to the decline.
Nevertheless, sales are still 1.6% above a year ago and at the fourth highest pace over the past year.
"Last month's dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2%, and new and existing inventory is not keeping up with the fast pace homes are coming off the market," said Lawrence Yun, NAR chief economist. "Demand is easily outstripping supply in most of the country and it's stymieing many prospective buyers from finding a home to purchase."
Single-family home sales decreased 2.4% to a seasonally adjusted annual rate of 4.95 million in April from 5.07 million in March, but are still 1.6% above last year.
The median existing-home price for all housing types in April was $244,800, up 6.0% for the year. For single-family homes, that number was $246,100 in April, up 6.1% year-over-year.
Total housing inventory at the end of April climbed 7.2% to 1.93 million existing homes available for sale, but is still 9.0% lower than a year ago, with unsold inventory at a 4.2-month supply at the current sales pace.
"Realtors continue to voice the frustration their clients are experiencing because of the insufficient number of homes for sale," added Yun. "Homes in the lower- and mid-market price range are hard to find in most markets, and when one is listed for sale, interest is immediate and multiple offers are nudging the eventual sales prices higher."
Regionally, every part of the U.S. experienced a decline except the Midwest, which was up 3.8%. Sales fell most drastically (a decline of 5.0%) in the South.