US Existing-Home Sales Declined Month-Over-Month and Year-Over-Year in April

On Wednesday, the National Association of Realtors® (NAR) reported that total existing home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—declined 1.9% month-over-month in April to a seasonally adjusted annual rate (SAAR) of 4.14 million. Year-over-year, sales fell 1.9%, down from 4.22 million in April 2023.

All four major US regions posted month-over-month declines. Year-over-year, sales declined in the Northwest, Midwest, and South, with only the West rising.

At the end of April, total housing inventory registered was 1.21 million units, up 9.0% from March and 16.3% from one year ago (1.04 million units). Unsold inventory was at a 3.5-month supply at the current sales pace, up from 3.2 months in March and 3.0 months in April 2023. NAR notes that for homes priced at $1 million or more, inventory and sales increased by 34% and 40%, respectively, from a year ago.

The median existing home price for all housing types in April was $407,600, an increase of 5.7% from April 2023 ($385,800). Prices increased in all regions.

According to the 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.