Existing-Home Sales Decline in April

Existing-home sales inched down in April. According to the National Association of Realtors, total existing-home sales declined by 0.5% for the month and by 2% year-over-year, reaching a seasonally adjusted annual rate of 4 million, which is down from 4.08 million in April 2024. Regionally, sales fell across the Midwest, West, and South, but remained stable in the Northeast.

The decline in existing-home sales comes as home prices continue to rise. In April, the median existing-home price increased 1.8% year-over-year to $414,000. At the same time, total housing inventory rose 20.8% compared to a year ago, offering a potential boost for future buyers.

"Home sales have been at 75% of normal or pre-pandemic activity for the past three years, even with seven million jobs added to the economy," said NAR Chief Economist Lawrence Yun. "Pent-up housing demand continues to grow, though not realized. Any meaningful decline in mortgage rates will help release this demand."