Existing-home sales dropped by 17.8% in April to a seasonally adjusted annual rate of 4.33 million, according to the National Association of Realtors (NAR). This is lowest level of sales since July 2010 (3.45 million) and the largest month-over-month drop since July 2010 (-22.5%). Sales are significantly lower year-over-year, down 17.2% from April 2019 (2.23 million).
Lawrence Yun, NAR’s chief economist, states that despite the economic lock-downs and disruption in existing home sales in March and April due to the COVID-19 pandemic “the listings that are on the market are still attracting buyers and boosting home prices.”
The total housing inventory was 1.47 million, down 1.3% from March and a 19.7% decrease from 1.83 million a year ago. The median home price was $ 286,800, up 7.4% from April 2019. This increase marks the 98th straight month of year-over-year gains.
Distressed sales were 3% of the total, unchanged from last month and April 2019.
Read the NAR release.