The median existing-home price for all housing types in April was $407,600
Existing-home sales dropped in April, according to the National Association of Realtors with all four major U.S. regions posted month-over-month declines. Existing-home sales in the South dropped 1.6% from March to an annual rate of 1.9 million in April, down 3.1% from last year. The median price in the South was $366,200, up 3.7% from last year.
Key Highlights
- Existing-home sales faded 1.9% in April to a seasonally adjusted annual rate of 4.14 million. Sales also dipped 1.9% from one year ago.
- The median existing-home sales price grew 5.7% from April 2023 to $407,600 – the 10th consecutive month of year-over-year price gains and the highest price ever 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.
- Year-over-year, sales decreased in the Northeast, Midwest and South but increased in the West. Total existing-home sales (completed transactions that include single-family homes, townhomes, condominiums and co-ops) slid 1.9% from March to a seasonally adjusted annual rate of 4.14 million in April.
- Year-over-year, sales fell 1.9% (down from 4.22 million in April 2023).
“Home sales changed little overall, but the upper-end market is experiencing a sizable gain due to more supply coming onto the market,” said NAR Chief Economist Lawrence Yun.
Total housing inventory registered at the end of April was 1.21 million units, up 9% from March and 16.3% from one year ago (1.04 million). Unsold inventory sits at a 3.5-month supply at the current sales pace, up from 3.2 months in March and 3 months in April 2023. For homes priced $1M or more, inventory and sales increased by 34% and 40% from a year ago.
The median existing-home price for all housing types in April was $407,600, an increase of 5.7% from the previous year ($385,800). All four U.S. regions registered price gains.
“Home prices reaching a record high for the month of April is very good news for homeowners,” Yun added. “However, the pace of price increases should taper off since more housing inventory is becoming available.”
According to the monthly Realtors Confidence Index, properties typically remained on the market for 26 days in April, down from 33 days in March but up from 22 days in April 2023. First-time buyers were responsible for 33% of sales in April, up from 32% in March and 29% in April 2023. All-cash sales accounted for 28% of transactions in April, identical to March and one year ago. Individual investors or second homebuyers, who make up many cash sales, purchased 16% of homes in April, up from 15% in March but down from 17% in April 2023.
Distressed sales (foreclosures and short sales) represented 2% of sales in April, virtually unchanged from last month and the prior year. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 7.02% as of May 16, down from 7.09% the previous week but up from 6.39% one year ago.
Single-family home sales decreased to a seasonally adjusted annual rate of 3.74 million in April, down 2.1% from 3.82 million in March and 1.3% from the prior year. The median existing single-family home price was $412,100 in April, up 5.6% from April 2023. At a seasonally adjusted annual rate of 400,000 units in April, existing condominium and co-op sales were unchanged from last month and down 7% from one year ago (430,000 units).
The median existing condo price was $365,300 in April, up 5.4% from the previous year ($346,700).
Image by wirestock on Freepik.
Other stories you may want to check out:
