The National Association of Realtors is reporting that existing home sales were down 17.8% in April. Total housing inventory at the end of April was 1.47 million units, down 1.3% from March and down 19.7% from one year ago. Total unsold inventory was at a 4.1-month supply at the current sales pace with properties remaining on the market for around 27 days. The median existing-home price for all housing types was $286,800, up 7.4% from April, 2019.
“The economic lockdowns – occurring from mid-March through April in most states – have temporarily disrupted home sales,” said Lawrence Yun, NAR’s chief economist. “But the listings that are on the market are still attracting buyers and boosting home prices.”