Existing home sales were down by 1.9% from March to a seasonally adjusted annual rate of 4.14 million in April, according to new data from the National Association of Realtors (NAR). Compared to the previous year, sales were also down by 1.9% from 4.22 million in April 2023.
Although sales were down, there were more homes on the market. The total housing inventory last month totaled 1.21 million units, up 9% from March and 16.3% from one year ago (1.04 million). The 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.
The median existing home price for all housing types in April was $407,600, up by 5.7% from the previous year’s $385,800. All four U.S. regions registered price gains.
“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. “Home prices reaching a record high for the month of April is very good news for homeowners. However, the pace of price increases should taper off since more housing inventory is becoming available.”
First-time buyers were responsible for 33% of sales in April, up from 32% in March and 29% in April 2023. Individual investors or second-home buyers purchased 16% of homes in April, up from 15% in March but down from 17% in April 2023. All-cash sales accounted for 28% of transactions in April, identical to March and one year ago.
Distressed sales accounted for 2% of sales in April, virtually unchanged from the previous month and previous year. On the flip side, homes priced $1 million or more, inventory and sales increased by 34% and 40%, respectively, from one year earlier.
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