Market Updates
Existing Home Sales In April Dropped to 6-month Low
Brian Turner
18 May, 2023
New York City
Existing home sales declined for the second month in a row and extended the previous twelve monthly decline in a row interrupted by the sales increase in January.
Home sales of all types including single-family, townhomes, condominiums and co-ops have been on the slide since peaking around 6.4 million annual pace in January 2022.
Existing home sales in April declined 3.4% from the previous month to an annual rate of 4.3 million, the National Association of Realtors said Thursday.
Seasonally adjusted sales dropped 23.2% from 5.57 million in April 2022 after interest rate rose and home prices remained elevated.
The median existing home prices declined 1.7% from a year ago for all housing types across all four regions to $388,800.
"Home sales are bouncing back and forth but remain above recent cyclical lows. The combination of job gains, limited inventory and fluctuating mortgage rates over the last several months have created an environment of push-pull housing demand," said NAR Chief Economist Lawrence Yun.
Available homes for sale at the end of April increased 7.2% from March and increased 1.0% from a year ago to 1.04 million units, about 2.9 month supply at the current sales rate.
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