April 2024
U.S. existing-home sales recently fell from a one-year high, dropping 4.3% month-over-
month to a seasonally adjusted annual rate of 4.19 million, according to the
National Association of REALTORS® (NAR), as higher interest rates and rising sales
prices continue to keep some prospective buyers on the sidelines. Average 30-year
mortgage rates have topped 7% in recent weeks, while the median existing-home
sales price hit $393,500 as of last measure, a 4.8% increase from the previous
month, according to NAR.
New Listings were up 19.8 percent to 1,576. Pending Sales increased 10.2 percent
to 1,436, the eighth consecutive month of year-over-year gains. Inventory grew 42.1
percent to 2,368 units.
Prices moved lower as Median Sales Price was down 0.1 percent to $265,756. Days
on Market increased 12.2 percent to 46 days. Months Supply of Inventory was up
46.7 percent to 2.2 months, indicating that supply increased relative to demand.
Warmer temperatures appear to have helped bring some sellers back to the market,
providing additional options to home shoppers during the spring buying season.
Total inventory was up 4.7% month-over-month and 14.4% year-over-year, for a 3.2
months’ supply at the current sales pace, according to NAR. Nevertheless, demand continues to outpace supply and properties are selling quickly, with the typical home
spending 33 days on market nationwide, down from 38 days the month before.
Information courtesy of CMLS*
