Existing-home sales declined 3.4% in February to a seasonally adjusted annual rate of 4.28 million, according to the National Association of Realtors (NAR). Sales fell year-over-year, down 23.2% from March 2022. First-time buyers were responsible for 29% of sales in April, up from 28% in March April 2022.
“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.”
Total housing inventory registered at the end of April was 1.04 million units, up 7.2% from March and 1.0% from one year ago (1.03 million).
The median existing home price for all housing types in April was $388,800, a decline of 1.7% from April 2022 ($395,500). Prices rose in the Northeast and Midwest but retreated in the South and West.
Distressed sales – foreclosures and short sales – represented 1% of sales in April, unchanged from last month and the prior year.
Read the NAR release.