Existing-home sales decreased in April to a seasonally adjusted annual rate of 4.14 million, according to the National Association of Realtors. The rate was 1.9% lower than the previous month and also 1.9% lower than the year-over-year rate.
All four major U.S. regions had month-over-month declines. Year-over-year, sales decreased in the Northeast, Midwest and South but increased in the West.
The median existing-home sales price was up 5.7% over April 2023 to $407,600. It was the tenth consecutive month of year-over-year price gains and the highest price ever recorded for the month of April.
The inventory of unsold existing homes climbed 9% from one month ago to 1.21 million at the end of April, or the equivalent of 3.5 months’ supply at the current monthly sales pace.
The 30-year fixed-rate mortgage averaged 7.02% as of May 16, according to Freddie Mac. The rate is down from 7.09% the previous week but up from 6.39% one year ago.
“Home sales changed little overall, but the upper-end market is experiencing a sizable gain due to more supply coming onto the market,” stated NAR Chief Economist Lawrence Yun. “Home prices reaching a record high for the month of April is very good news for homeowners. However, the pace of price increases should taper off since more housing inventory is becoming available.”
