The inventory of homes for sale during April was up by 30.6% from one year earlier, according to new data from Realtor.com. This marked both the 18th consecutive month of inventory growth as well as a new post-pandemic high.
The total number of unsold homes, including those under contract, was up 19.8% compared with last year while the quantity of newly listed homes increased 9.2% from a year ago.
Inventory was up in the four major regions in April, led by the West (+41.7%), followed by the South (+33.3%), the Midwest (+18.7%) and the Northeast (+12.4%). At the metro level, the 50 largest markets recorded year-over-year inventory growth, most notably in San Diego (+70.1%), Washington, DC (+69.3%), and San Jose (+67.6%); 20 major markets now exceed their pre-pandemic 2017-2019 norms, albeit only in Southern and Western metros.
However, a greater choice of homes for sale did not translate into a surge in homebuying. During April, pending home sales were down by 3.2% compared with last year – Realtor.com attributed the slowdown to rising mortgage rates. Homes spent a median of 50 days on the market, four more than in April 2024, while 18% of listings saw price reductions, the highest share for any April since at least 2016.
During April, the national median list price for homes was $431,250, largely unchanged from last year, while the price per square foot rose 1.1%, signaling modest home value growth. But the required income to afford the median-priced home rose by almost $47,000 compared with 2019.
“These trends point to a gradually more favorable environment for buyers this spring, with more options and some price softening,” said Realtor.com economist Jake Krimmel. “However, elevated mortgage rates and persistent affordability challenges continue to weigh on demand.”
