Market Updates
Existing Home Sales Slipped In April, Despite Rise In Home Inventories
Brian Turner
22 May, 2024
Washington, D.C.
Existing home sales declined in April after inventory of homes available for sale rose, the National Association of Realtors reported Wednesday.
Home sales declined 1.9% from the previous month to a 4.14 million annual rate in April, up from the upwardly revised 4.22 million in March.
Sales also fell by 1.9% from one year ago.
"Home sales changed little overall, but the upper-end market is experiencing a sizable gain due to more supply coming onto the market," said NAR Chief Economist Lawrence Yun.
The median existing-home price for all housing types in April was $407,600, an increase of 5.7% from $385,800 in the previous year.
The median home price increased for the tenth month in a row and reached a record high for the month of April.
All four U.S. regions registered price gains.
The number of homes available for sale at the end of April was 1.21 million units, an increase of 9% from March and 16.3% from one year ago, when inventory was 1.04 million.
Unsold inventory sits 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.
For homes priced at $1 million or more, inventory and sales increased by 34% and 40%, respectively, from a year ago.
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