EXISTING HOME SALES DOWN NATIONWIDE, SAYS REALTORS ASSOCIATION

Nationwide existing-home sales receded in April, the National Association of Realtors announced (NAR) from its Washington, D.C., headquarters. All four major U.S. regions posted month-over-month declines. Year-over-year, sales decreased in the Northeast, Midwest and South but increased in the West.

Total existing-home sales — defined as completed transactions that include single-family homes, townhomes, condominiums and co-ops — slid 1.9 percent from March to a seasonally adjusted annual rate of 4.14 million in April. Year-over-year, sales fell 1.9 percent (down from 4.22 million in 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,” said Lawrence Yun, NAR chief economist.

Total housing inventory registered at the end of April was 1.21 million units, up 9 percent from March and 16.3 percent from one year ago (1.04 million). Unsold inventory sits at a 3.5-month supply at the current sales pace, up from 3.2 months in March and three months in April 2023. For homes priced $1 million or more, inventory and sales increased by 34 percent and 40 percent, respectively, from a year ago.

The median existing-home price for all housing types in April was $407,600, an increase of 5.7 percent from the previous year ($385,800). All four U.S. regions registered price gains.

“Home prices reaching a record high for the month of April is very good news for homeowners,” Yun said. “However, the pace of price increases should taper off since more housing inventory is becoming available.”

According to the monthly Realtors Confidence Index, properties typically 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 were responsible for 33 percent of sales in April, up from 32 percent in March and 29 percent in April 2023. NAR’s 2023 Profile of Home Buyers and Sellers — released in November 2023 — found that the annual share of first-time buyers was 32 percent.

All-cash sales accounted for 28 percent of transactions in April, identical to March and one year ago.

Individual investors or second-home buyers, who make up many cash sales, purchased 16 percent of homes in April, up from 15 percent in March but down from 17 percent in April 2023.

Distressed sales — foreclosures and short sales — represented 2 percent of sales in April, virtually unchanged from March and the prior year.