Existing-Home Sales Dip in April

(Illustration: National Association of Realtors)

Existing-home sales slowed in April, the National Association of Realtors reported.

Total existing-home sales, including single-family homes, townhomes condominiums and co-ops, slipped 0.5% from March to a seasonally adjusted annual rate of 4.00 million in April. Year-over-year, sales descended 2.0% (down from 4.08 million in April 2024).

Sales dipped 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.

NAR Chief Economist Lawrence Yun noted 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. “Pent-up housing demand continues to grow, though not realized,” he said. “Any meaningful decline in mortgage rates will help release this demand.”

Total housing inventory at the end of April equaled 1.45 million units, up 9.0% from March and 20.8% from one year ago. Unsold inventory sits 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 trade group said the median existing-home price for all housing types in April was $414,000, up 1.8% from a year ago. 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 noted. “But with the highest inventory levels in nearly five years, consumers are in a better situation to negotiate for better deals.”