In April, existing-home sales saw a decline nationwide, as reported by the National Association of REALTORS®. All major regions in the United States experienced decreases in sales compared to the previous month, with year-over-year declines noted in the Northeast, Midwest, and South, while the West saw an increase.

Total existing-home sales, including single-family homes, townhomes, condominiums, and co-ops, decreased by 1.9% from March to reach a seasonally adjusted annual rate of 4.14 million in April. Year-over-year, sales dropped by 1.9%, down from 4.22 million in April 2023.

Lawrence Yun, Chief Economist at NAR, commented, “Overall, home sales remained relatively steady, but there’s been a notable uptick in the upper-end market due to increased supply.”

Housing inventory at the end of April stood at 1.21 million units, marking a 9% increase from March and a 16.3% increase from a year ago. Unsold inventory represented a 3.5-month supply at the current sales pace, up from 3.2 months in March and 3.0 months in April 2023. Additionally, inventory and sales of homes priced at $1 million or more increased by 34% and 40%, respectively, compared to the previous year.

The median existing-home price for all housing types in April was $407,600, up by 5.7% from the previous year. Price gains were observed across all four U.S. regions.

Yun noted, “The record-high home prices for April are encouraging for homeowners, but we anticipate a slowdown in price increases with the increasing availability of housing inventory.”

REALTORS® Confidence Index: According to the monthly REALTORS® Confidence Index, properties spent an average of 26 days on the market in April, down from 33 days in March but up from 22 days in April 2023.

First-time buyers accounted for 33% of sales in April, up from 32% in March and 29% in April 2023.

All-cash sales represented 28% of transactions in April, consistent with both March and the previous year.

Individual investors or second-home buyers, often making cash purchases, bought 16% of homes in April, up from 15% in March but down from 17% in April 2023.

Distressed sales, including foreclosures and short sales, made up 2% of total sales in April, showing no significant change from the previous month or year.

Mortgage Rates: Freddie Mac reported that the 30-year fixed-rate mortgage averaged 7.02% as of May 16, a decrease from 7.09% the previous week but an increase from 6.39% one year ago.

Single-family and Condo/Co-op Sales: Single-family home sales decreased to a seasonally adjusted annual rate of 3.74 million in April, down 2.1% from March and 1.3% from the previous year. The median existing single-family home price was $412,100, up 5.6% from April 2023.

Existing condominium and co-op sales remained unchanged from the previous month, with a seasonally adjusted annual rate of 400,000 units in April, down 7% from one year ago. The median existing condo price was $365,300, up 5.4% from the previous year.

Regional Breakdown:

• Northeast: Existing-home sales decreased by 4% from March to an annual rate of 480,000 in April, down 4% from April 2023. The median price in the Northeast was $458,500, up 8.5% from the previous year.
• Midwest: Existing-home sales slipped by 1% from the previous month to an annual rate of 1 million in April, down 1% from one year ago. The median price in the Midwest was $303,600, up 6% from April 2023.
• South: Existing-home sales declined by 1.6% from March to an annual rate of 1.9 million in April, down 3.1% from the previous year. The median price in the South was $366,200, up 3.7% from last year.
• West: Existing-home sales retracted by 2.6% from the previous month to an annual rate of 760,000 in April, up 1.3% from one year ago. The median price in the West was $629,600, up 9.3% from April 2023.

About the National Association of REALTORS®: The National Association of REALTORS® is the largest trade association in America, representing 1.5 million members engaged in residential and commercial real estate. The term “REALTOR®” identifies a real estate professional who is a member of NAR and adheres to its Code of Ethics.