Sales of existing homes fell 0.4% in April to a seasonally adjusted annual rate of 5.19 million, according to the National Association of Realtors (NAR). The rate is 4.4% below April 2018 existing home sales.
Regionally, existing home sales declined in the Northeast and South, dropping 4.5% and 0.4%, respectively. Sales had a 1.8% growth in the West and remained unchanged in the Midwest during April.
Despite the slight decline, NAR Chief Economist Lawrence Yun said he sees moderate sales growth on the horizon.
“We are seeing historically low mortgage rates combined with a pent-up demand to buy, so buyers will look to take advantage of these conditions,” Yun stated. “Also, job creation is improving, causing wage growth to align with home price growth, which helps affordability.”
The median existing home price was $267,300, a 3.6% increase year-over-year.
Housing inventory increased to 1.83 million during the month, a 1.7% uptick from April 2018.
