WASHINGTON (May 22, 2024) – Existing home sales fell in April, according to the National Association of REALTORS®. All four major U.S. regions posted month-over-month declines. Year over year, sales declined in the Northeast, Midwest and South, but increased in the West.
Total Existing Home Sales1 – completed transactions that include single-family homes, townhouses, condominiums and co-ops – slipped 1.9% from March to a seasonally adjusted annual rate of 4.14 million in April. Year-over-year, sales fell 1.9% (compared to 4.22 million in April 2023).
“Home sales are little changed overall, but the high-end market is seeing a sizable gain as more supply enters the market,” said Lawrence Yun, NAR chief economist.
Total housing inventory2 recorded at the end of April amounted to 1.21 million units, up 9% from March and 16.3% from a year ago (1.04 million). Unsold inventory stands 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. For homes priced at $1 million or more, inventory and sales increased 34% and 40%, respectively, from a year ago.
The median price of an existing home3 for all housing types in April was $407,600, an increase of 5.7% from the previous year ($385,800). All four American regions recorded price increases.
“Home prices hitting a record high for April is very good news for homeowners,” Yun added. “However, the pace of price increases is expected to ease as more housing inventory becomes available.”
Real Estate Agent Confidence Index®
According to the monthly REALTORS® Confidence Index, properties generally remained on the market for 26 days in April, down from 33 days in March, but up from 22 days in April 2023.
First-time buyers accounted for 33% of sales in April, up from 32% in March and 29% in April 2023. NAR’s 2023 Profile of Home Buyers and Sellers – released in November 20234 – found that the annual share of first-time buyers was 32%.
Cash sales accounted for 28% of transactions in April, the same as in March and a year ago.
Individual investors or second home buyers, who account for many cash sales, purchased 16% of homes in April, up from 15% in March but down from 17% in April 2023.
Distressed sales5 – foreclosures and short sales – accounted for 2% of sales in April, virtually unchanged from last month and the year before.
Mortgage Rates
The 30-year fixed-rate mortgage rate averaged 7.02% as of May 16, according to Freddie Mac. That’s down from 7.09% the previous week, but up from 6.39% a year ago.
Sales of single-family homes and condos/co-ops
Single-family home sales declined at a seasonally adjusted annual rate of 3.74 million in April, down 2.1% from March’s 3.82 million and down 1.3% from a year earlier. The median price of existing single-family homes was $412,100 in April, up 5.6% from April 2023.
At a seasonally adjusted annual rate of 400,000 units in April, sales of existing condos and cooperatives were unchanged from last month and down 7% from a year ago (430,000 units). The median price of existing condos was $365,300 in April, up 5.4% from the previous year ($346,700).
Regional distribution
Existing home sales in the Northeast decreased 4% from March to an annual rate of 480,000 in April, down 4% from April 2023. The median price in the Northeast was $458,500, up 8.5% from the previous year.
In the Midwest, existing home sales fell 1% from a month ago to an annual rate of 1 million in April, down 1% from a year ago. The median price in the Midwest was $303,600, up 6% from April 2023.
Existing home sales in the South fell 1.6% from March to an annual rate of 1.9 million in April, down 3.1% from a year earlier. The median price in the South was $366,200, up 3.7% from last year.
In the West, existing home sales fell 2.6% from the previous month to an annual rate of 760,000 in April, an increase of 1.3% from a year earlier. The median price in the West was $629,600, up 9.3% from April 2023.
About the National Association of Realtors®
The National Association of REALTORS® is America’s largest trade association, representing 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict code of ethics.
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For local information, please contact your local Association of REALTORS® for local Multiple Listing Service (MLS) data. Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.
NOTE: NAR’s April Pending Home Sales Index is scheduled for release on May 30, and the May Existing Home Sales Index will be released on June 21. Post times are 10 a.m. Eastern Time.
1 Existing home sales, which include single-family homes, townhomes, condominiums and cooperatives, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLS are not reflected in the monthly series. NAR periodically evaluates home sales using other sources to assess overall home sales trends, including sales not reported by MLSs.
Existing home sales, based on closings, differ from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions during the same month. Additionally, existing home sales, which represent more than 90% of total home sales, are based on a much larger data sample (about 40% of multiple listing service data each month) and are generally not not subject to significant variations from the previous month. revisions.
The annual rate for a given month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to account for seasonal variations in resale activity. For example, home sales volume is normally higher in summer than in winter, primarily due to climate differences and family purchasing habits. However, seasonal factors cannot compensate for abnormal weather conditions.
Single-family data collection began monthly in 1968, while condominium data collection began quarterly in 1981; the series were combined in 1999, when monthly collection of condominium data began. Before this period, single-family homes accounted for more than nine out of ten purchases. Historical comparisons of total home sales prior to 1999 are based on monthly sales of single-family homes, combined with the corresponding quarterly sales rate for condominiums.
2 Data on total inventory and monthly supply are available through 1999, while single-family home inventory and monthly supply are available since 1982 (prior to 1999, single-family home sales accounted for over 90 percent). transactions and co-ownerships were only measured on a quarterly basis). base).
3 The median price is where half are sold at a higher price and half at a lower price; Median prices are more representative of market conditions than average prices, which are biased upward by a relatively small share of high-end transactions. The only valid comparisons for median prices are with the same period a year earlier, due to the seasonal nature of purchasing habits. Monthly comparisons do not compensate for seasonal changes, especially in the timing of families’ purchasing habits. Changes in sales mix can distort median price data. Median and one-year average prices are sometimes revised through an automated process if additional data is received.
The national median price for condos/co-ops is often higher than the median price for single-family homes because condos are concentrated in the most expensive housing markets. However, within a given area, single-family homes typically sell for more than condos, as shown in NAR’s quarterly metro area price reports.
4 The survey results represent owner-occupiers and differ from the separately reported monthly results of NAR’s REALTORS® Confidence Index, which includes all buyer types. The annual study only represents primary residence purchases and does not include investors and vacation home buyers. Results include both new and existing homes.
5 Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors come from a monthly survey for NAR’s REALTORS® Confidence Index, published on nar .realtor.