April Sees Dip in Existing-Home Sales

Overview of Existing-Home Sales Activity

The latest report from the National Association of REALTORS® (NAR) reveals a slight decline in existing-home sales across all major U.S. regions in April. Across the country, total existing-home sales decreased by 1.9% month-over-month to a seasonally adjusted annual rate of 4.14 million. This figure represents a year-over-year decline of 1.9%. Despite this modest downturn, there was a notable uptick in the upper-end market segment due to increased supply.

Housing Inventory and Prices

Housing inventory saw an increase in April, with a total of 1.21 million units, marking a 9% rise from March and a substantial 16.3% increase from one year ago. The unsold inventory now sits at a 3.5-month supply at the current sales pace. Notably, homes priced at $1 million or more saw a significant uptick in both inventory and sales, rising by 34% and 40%, respectively, from the previous year.

The median existing-home price for all housing types rose to $407,600 in April, reflecting a 5.7% increase from the previous year. This upward trend in prices was observed across all four U.S. regions.

REALTORS® Confidence Index

According to the REALTORS® Confidence Index, properties remained on the market for an average of 26 days in April, down from 33 days in March but up from 22 days in April 2023. First-time buyers accounted for 33% of sales, showing a slight increase from both the previous month and the same period last year.

Cash Sales and Distressed Sales

Cash sales remained consistent at 28% of transactions in April, while individual investors or second-home buyers represented 16% of purchases. Distressed sales, including foreclosures and short sales, remained unchanged at 2% of total sales, indicating stability in this segment.

Regional Breakdown of Existing-Home Sales

  • Northeast: Existing-home sales declined by 4% from March, with a median price of $458,500.

  • Midwest: Sales slipped by 1%, accompanied by a median price of $303,600.

  • South: Sales decreased by 1.6%, with a median price of $366,200.

  • West: Sales retracted by 2.6%, with a median price of $629,600.

(Source: nar.realtor)

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