Fewer existing homes were sold last month, according to new data from the National Association of Realtors (NAR).
Total existing home sales – which encompass single-family homes, townhomes, condominiums and co-ops – were down by 3.4% from March to a seasonally adjusted annual rate of 4.28 million in April. On a year-over-year measurement, sales crashed by 23.2% from the 5.57 million total in April 2022.
The median existing-home price for all housing types in April was $388,800, a 1.7% dip from the $395,500 price one year earlier. Prices rose in the Northeast and Midwest but declined in the South and West.
“Roughly half of the country is experiencing price gains,” said NAR Chief Economist Lawrence Yun. “Even in markets with lower prices, primarily the expensive West region, multiple-offer situations have returned in the spring buying season following the calmer winter market. Distressed and forced property sales are virtually nonexistent.”
The total housing inventory the end of April was 1.04 million units, up 7.2% from March and 1% from one year ago (1.03 million). Unsold inventory sits were a 2.9-month supply at the current sales pace, up from 2.6 months in March and 2.2 months in April 2022.
First-time buyers were responsible for 29% of sales in April, up from 28% in both March 2023 and April 2022. All-cash sales accounted for 28% of transactions while the individual investors or second-home buyers who make up many cash sales purchased 17% of homes in April. Distressed sales accounted for only 1% of last month’s transactions.