Existing home sales increased 0.2% in April for a seasonally adjusted rate of 4.02 million, according to the National Association of Realtors’ Existing-Home Sales report, while year-over-year there was no change. The median existing home price increased 0.9% year-over-year to $417,700, marking the 34th consecutive month of increases.
At the same time, housing affordability went up, according to the report. In April, the Housing Affordability Index registered at 110.6, up from 101.4 a year ago. Year-over-year affordability improved in all regions: Northeast (4.7%), Midwest (5.9%), South (9.6%) and West (12.5%).
“Despite mixed macroeconomic signals—including a record-high stock market and historically low consumer confidence—home sales were modestly boosted by the continued improvement in housing affordability,” NAR Chief Economist Dr. Lawrence Yun said.
“Inventory still remains tight,” Yun added. “Multiple offers, though not as intense as a few years ago, are still occurring. At the same time, days on market are lengthening on average, implying that consumers are taking their time before making decisions.”
Read the full report here.
