Sales may have been up here in California, but the rest of the country was not so lucky. According to the National Association of Realtors, existing-home sales fell 1.9 percent last month and were down 1.9 percent annually.
Continuing to rise, however, were home prices. The median existing-home price for all housing types in April was $407,600, an increase of 5.7 percent from the previous year. 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,” said NAR Chief Economist Lawrence Yun. “However, the pace of price increases should taper off since more housing inventory is becoming available.”
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. Unsold inventory sits at a 3.5-month supply at the current sales pace, up from 3.2 months in March and 3 months in April 2023.
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