Existing-home sales in April were at a seasonally adjusted annual rate of 5.57 million, a 2.3 percent decrease compared with a rate of 5.7 million in March but 1.6 percent above April 2016’s rate of 5.48 million, according to the National Association of Realtors.
“Last month’s dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2 percent, and new and existing inventory is not keeping up with the fast pace homes are coming off the market,” said NAR Chief Economist Lawrence Yun in a statement. “Demand is easily outstripping supply in most of the country and it’s stymieing many prospective buyers from finding a home to purchase.”
Housing inventory at the end of April was 1.93 million existing homes, a 7.2 percent month-over-month increase but 9 percent lower than the 2.12 million existing homes available for purchase in April 2016.
The median existing-home price in April was $244,800, a 6 percent increase compared with April 2016’s price of $230,900.
