U.S. existing home sales were essentially flat in April, rising just 0.2% from March to a seasonally adjusted annual rate of 4.02 million units, according to the National Association of Realtors (NAR). The figure fell short of economists' expectations and was unchanged compared to April last year.
Key Takeaways
U.S. existing home sales were essentially flat in April, rising just 0.2% from March to a seasonally adjusted annual rate of 4.02 million units, falling short of economists' expectations. The median home price reached an all-time high for April at $417,700, up 0.9% year-over-year.
- U.S. existing home sales rose slightly by 0.2% in April compared to March
- Home prices hit a record high of $417,700 in April
- Inventory increased but remains below pre-pandemic levels at 1.47 million units
- Homes stayed on the market longer, averaging 32 days before selling
The median home price reached an all-time high for any April on record at $417,700, up 0.9% from a year earlier. Home prices have risen annually for the past 34 months. The U.S. housing market has been in a slump since 2022 when mortgage rates began to climb from pandemic-era lows.
The inventory of unsold homes increased by 5.8% from March and 1.4% from April last year, totaling 1.47 million units. This is the highest inventory for April since 2019 but still below pre-pandemic levels of approximately 2 million homes.
The average days on market increased to 32 days in April, up from 29 days a year ago. First-time buyers accounted for 33% of sales, down slightly from the previous year. All-cash sales remained unchanged at 25% of transactions.
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