Existing-home sales fell 1.9% in April to a seasonally adjusted annual rate of 4.14 million. On a year-over-year basis, sales—which accounts for completed transactions for single-family homes, townhomes, condos, and co-ops—also declined 1.9%, according to the National Association of Realtors (NAR).
Single-family home sales decreased 2.1% from March to a seasonally adjusted annual rate of 3.74 million. On a year-over-year basis, single-family sales were 1.3% lower than April 2023.
“Home sales changed little overall, but the upper-end market is experiencing a sizable gain due to more supply coming onto the market,” says NAR chief economist Lawrence Yun.
Total inventory at the end of April was 1.21 million units, up 9% from March 2024 and 16.3% from April 2023. Unsold inventory sits at a 3.5-month supply at the current sales pace, up from 3.0 months a year ago. For homes priced $1 million or more, inventory and sales increased by 34% and 40% year-over-year, respectively.
The median existing-home price for all housing types in April was $407,600, a 5.7% increase on a year-over-year basis and the tenth consecutive month of annual gains. According to the NAR, the April level is the highest median price ever in the month. The median existing single-family home price increased 5.6% year-over-year to $412,100 in April.
“Home prices reaching a record high for the month of April is very good news for homeowners,” Yun says. “However, the pace of price increases should taper off since more housing inventory is becoming available.”
First-time buyers were responsible for 33% of existing-home sales in April, up from 29% a year ago.
All-cash sales accounted for 28% of transactions in April, level with both a month ago and April 2023. Individual investors or second-home buyers purchased 16% of homes in April.
On a regional basis, existing-home sales fell 4% year-over-year to an annual rate of 480,000 in April in the Northeast. In the Midwest, sales fell 1% from a year ago to a rate of 1 million in April.
Sales in the South were down 3.1% year-over-year to a rate of 1.9 million in April. In the West, sales increased 1.3% from April 2023 to an annual rate of 760,000.
