Existing-home sales slipped 1.9% in April to a seasonally adjusted annual rate of 4.14 million, according to the National Association of Realtors (NAR). Sales declined 1.9% from the previous year (down from 4.22 million in April 2023).
“Home sales changed little overall, but the upper-end market is experiencing a sizable gain due to more supply coming onto the market,” said NAR Chief Economist Lawrence Yun. “Home prices reaching a record high for the month of April is very good news for homeowners,” Yun added. “However, the pace of price increases should taper off since more housing inventory is becoming available.”
Total housing inventory registered at the end of April was up 1.21 million units, up 9% from March and 16.3% from one year ago (1.04 million). Unsold inventory sits at a 3.5-month supply at the current sales pace, up from 3.2 months in March and 3.0 months in April 2023.
The median existing-home price for all housing types in April was $407,600, an increase of 5.7% from the previous year ($385,000). All four U.S. regions posted price gains.
Distressed sales – foreclosures and short sales – represented 2% of sales in April, virtually unchanged from last month and the prior year.
Read the NAR release.
