Existing-home sales slowed in April, according to the National Association of REALTORS®’ (NAR) latest report. Sales dipped in the Northeast and West, grew in the Midwest and were unchanged in the South. Year-over-year, sales declined in three regions and remained steady in the Northeast.
Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—slipped 0.5% from March to a seasonally adjusted annual rate of 4 million in April. Year-over-year, sales descended 2% (down from 4.08 million in April 2024).
“Home sales have been at 75% of normal or pre-pandemic activity for the past three years, even with 7 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.”
Total housing inventory registered at the end of April was 1.45 million units, up 9% from March and 20.8% from one year ago (1.2 million). Unsold inventory sits at a 4.4-month supply at the current sales pace, up from 4 months in March and 3.5 months in April 2024.
The median existing-home price for all housing types in April was $414,000, up 1.8% from one year ago ($406,600). The Northeast and Midwest posted price increases, while the South and West registered price decreases.
“At the macro level, we are still in a mild seller’s market,” Yun said. “But with the highest inventory levels in nearly five years, consumers are in a better situation to negotiate for better deals.”
Realtor.com® Chief Economist Danielle Hale noted that home-price growth continued, but moderated further, rising just 1.8% from a year ago.
“The typical asking price has remained roughly flat as the market sees a growing number of homes for-sale,” she said. “Potential sellers who overreach on price may have to adjust lower in order to attract a buyer in a market where months supply rose to 4.4 months range signaling more balance.
“It’s also worth noting that regional variation is more pronounced in today’s housing market. Home prices rose in the Northeast (6.3%) and Midwest (3.6%) even as they declined mildly in the South (0.1%) and West (0.2%).”
Hale added that April home sales likely went under contract in March and early April, when mortgage rates held in a very narrow range between 6.6% and 6.7%.
“Even before the big trade announcement on April 2, consumers had reported concerns about the outlook for personal financial situations and job security, which may have undermined their confidence in making a large purchase, such as a home. In addition, fluctuating stock prices in the wake of April 2 may have reduced some homeshoppers’ downpayment and closing funds.
“At the same time, survey data from Realtor.com shoppers showed that even as recession concerns rose among consumers in the first quarter, most said that it would not affect their home-buying decision. Among those who reported that it would affect their home-buying decision, the dominant sentiment was that a recession would be an accelerant to buyers. Roughly half as many said that they would be less likely to buy (15.8%) as more likely to buy a home (29.8%).”
