Existing Home Sales Decline Month-Over-Month and Year-Over-Year in March

On Thursday (5-18-23), the National Association of Realtors® (NAR) reported that total existing home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—recorded a 3.4% decline in April from March to a seasonally adjusted rate of 4.28 million homes in April. Year-over-year, sales are down 23.2% (5.57 million in April 2022).

At the end of April, total housing inventory registered was 1.04 million units, up 7.2% from March and 1.0% from one year ago (1.03 million). Unsold inventory was at a 2.9-month supply at the current sales pace, up from 2.6 months in March and 2.2 months in April 2022.

The median existing home price for all housing types in April was $388,800, which represents a decline of 1.7% from April 2022 ($395,500). Prices increased in the Northeast and Midwest but declined in the South and West regions.

In April, properties typically remained on the market for 22 days—down from 29 days in March and 34 days in February but up from 17 days in April 2022. Seventy-three percent of homes sold in April were on the market for less than a month.