Sales of existing homes declined 2.7% in April to 5.85 million. It is the third consecutive month of sales declines, according to the National Association of Realtors.
Year-over-year, existing home sales increased 20%.
The median existing home price for all housing types was $341,600, a record-high and a 19.1% increase compared with April 2020.
NAR Chief Economist Lawrence Yun cited housing supply shortages as a leading cause of the month-over-month sales decline.
“We’ll see more inventory come to the market later this year as further COVID-19 vaccinations are administered and potential home sellers become more comfortable listing and showing their homes,” Yun said in a statement. “The falling number of homeowners in mortgage forbearance will also bring about more inventory.”
Regionally, existing home sales fell 3.9% in the Northeast, 3.7% in the South and 3.1% in the West. Existing home sales increased 0.8% in the Midwest.
