April existing-home sales fell 3.4%

Existing-home sales decreased nationwide in April, according to the National Association of Realtors (NAR). All four major U.S. regions registered month-over-month and year-over-year sales declines.

Total existing-home sales — completed transactions that include single-family homes, townhomes, condominiums and co-ops — slid 3.4 percent from March to a seasonally adjusted annual rate of 4.28 million in April. Year-over-year, sales slumped 23.2 percent, down from 5.57 million in{mprestriction ids="1,3"} April 2022.

“Home sales are bouncing back and forth but remain above recent cyclical lows,” said Lawrence Yun, NAR chief economist. “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.”

Total nationwide housing inventory at the end of April was 1.04 million units, up 7.2 percent from March and 1 percent from one year ago (1.03 million). Unsold inventory sits at a 2.9-month supply at the current sales pace, up from 2.6 months in March and 2.2 months in April 2022.

The median existing-home price for all housing types in April was $388,800, a decline of 1.7 percent from April 2022 ($395,500). Prices rose in the Northeast and Midwest but retreated in the South and West.{/mprestriction}