US Median Home-Sale Price Increases in April, Setting Yet Another Record

On Thursday, Redfin reported that the median US home-sale price increased 6.2% year-over-year to $433,558 in April—the highest level on record.

In April, new listings increased 1.7% month-over-month on a seasonally adjusted basis and rose 10.8% year-over-year. However, they are still approximately 20% below pre-pandemic levels, which Redfin says is in large part because many homeowners do not want to sell, as they feel “locked in” by the low mortgage rates they were able to obtain during the pandemic. It is also worth noting that last April, new listings were at the lowest level on record aside from the start of the pandemic, which is one reason they’re now posting such a large year-over-year gain.

Home sales were little changed from a month earlier (0.2%) in April on a seasonally adjusted basis but were down 1.4% from a year earlier.

Commenting on the report, Redfin Economic Research Lead Chen Zhao said:

“It’s not all bad news for homebuyers. Mortgage rates are already inching lower in response to this week’s inflation report, which signaled that the Fed may cut interest rates this summer—a possibility that just weeks ago many thought was off the table. In certain parts of the country, buyers also have room to negotiate as homes linger on the market, prompting sellers to slash their asking prices and provide concessions.”