U.S. existing-home sales dipped .5% in April to a seasonally adjusted annual rate of 4 million, the National Association of Realtors reported May 22. Compared to one year earlier, sales were down 2%.
The median sales price climbed to $414,000, the highest on record for the month of April and a 1.8% increase from April 2024. It marked the 22nd consecutive month of year-over-year price gains for existing-home sales.
Housing inventory rose to 1.45 million units at the end of the month, up 9% from March and 20.8% from April 2024. This level represents a 4.4-month supply at the current sales pace, compared with 4 months in March.
“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,” National Association of Realtors Chief Economist Lawrence Yun said. “Pent-up housing demand continues to grow, though not realized. Any meaningful decline in mortgage rates will help release this demand.”
Regionally, sales declined in the Northeast and West, rose in the Midwest, and remained flat in the South. The Northeast recorded a 2% monthly decline to an annual rate of 480,000 units, unchanged from the previous year. The West posted a 3.9% decline to 740,000 units, down 1.3% year over year. The Midwest rose 2.1% to 970,000 units, while the South held steady at 1.81 million units.
The median home price in the West was $628,500, down 0.2% from a year earlier, while the South saw a slight dip of 0.1% to $365,300. The Northeast rose 6.3% to $487,400 and the Midwest increased 3.6% to $313,300.
Single-family home sales were down 0.3% to 3.63 million units, while condominium and co-op sales fell 2.6% to 370,000 units. The median price of single-family homes was $418,000; condos and co-ops were $370,100.
According to Freddie Mac, the average 30-year fixed mortgage rate was 6.81% as of May 15.
