The National Association of Realtors is reporting that existing home sales were down 3.4% in April to a seasonally-adjusted annual rate of 4.28 million (down 23.2% year over year). Total housing inventory at the end of April was 1.04 million units, up 7.2% from March and 1% from one year ago. Unsold inventory sits at a 2.9-month supply at the current sales rate with properties remaining on the market for around 22 days. The median existing-home price for all housing types in April was $388,800, down 1.7% from one year ago. The NAR said all four major U.S. regions registered month-over-month and year-over-year sales declines.
“Home sales are bouncing back and forth but remain above recent cyclical lows…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.” Said the NAR’s Chief Economist, Lawrence Yun.