Existing Home Sales Down by 0.5% in April

Existing home sales during April dropped by 0.5% from March to a seasonally adjusted annual rate of 4.00 million in April, according to new data from the National Association of Realtors (NAR). On a year-over-year basis, sales were down by 2.0% from 4.08 million in April 2024.

Total housing inventory at the end of April was 1.45 million units, up 9.0% from March and 20.8% from the 1.2 million recorded one year earlier. Unsold inventory was at a 4.4-month supply at the current sales pace, up from 4.0 months in March and 3.5 months in April 2024.

The median existing-home price for all housing types in April was $414,000, up 1.8% from the $406,600 in April 2024.

“Home sales have been at 75% of normal or pre-pandemic activity for the past three years, even with seven million jobs added to the economy,” said NAR Chief Economist Lawrence Yun. “Pent-up housing demand continues to grow, though not realized. Any meaningful decline in mortgage rates will help release this demand.”

On a regional basis, home sales were down in the Northeast and West, grew in the Midwest and were unchanged in the South. Year-over-year, sales declined in three regions and remained steady in the Northeast. Regarding home prices, the Northeast and Midwest posted price increases, and the South and West registered price decreases.

“At the macro level, we are still in a mild seller’s market,” Yun said. “But with the highest inventory levels in nearly five years, consumers are in a better situation to negotiate for better deals.”