Existing home sales slip 1.9% in April as prices climb

Sales of existing homes declined 1.9% in April and sales also declined 1.9% from one year ago, according to the latest figures from the National Association of Realtors. 

Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums, and co-ops – fell 1.9% from March to a seasonally adjusted annual rate of 4.14 million in April. Year-over-year, sales fell 1.9%, 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,” NAR Chief Economist Lawrence Yun said.

Housing inventory at the end of April was 1.21 million units, up 9% from March and 16.3% from one year ago (1.04 million). At the current sales pace, unsold inventory sits at a 3.5-month supply, 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% and 40%, respectively, from a year ago.

The median existing home price for all housing types in April was $407,600, an increase of 5.7% from the previous year ($385,800).

“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.”