Existing home sales declined 3.4% in April compared with March, hitting a seasonally adjusted annual rate of 4.28 million, according to the National Association of Realtors. Year-over-year, existing home sales were down 23.2%.
“Home sales are bouncing back and forth but remain above recent cyclical lows,” stated NAR Chief Economist Lawrence Yun. “The combination of job gains, limited inventory and fluctuating mortgage rates over the last several months have created an environment of push-pull housing demand.”
Regionally, existing home sales fell 1.9% in both the Northeast and the Midwest, 3.4% in the South and 6.1% in the West.
The median price for existing homes was $388,800, a 1.2% drop from April 2022.
“Even in markets with lower prices, primarily the expensive West region, multiple-offer situations have returned in the spring buying season following the calmer winter market,” Yun added. “Distressed and forced property sales are virtually nonexistent.”
The full NAR report can be found here.