The National Association of Realtors is out with last month’s sales numbers which show existing-home sales transactions were down 3.4 percent across the country.
The median existing-home sales price slipped 1.7 percent from one year ago to $388,800.
In the West, existing-home sales slipped 6.1 percent from the previous month to an annual rate of 770,000 in April, down 31.3 percent from the previous year. The median price in the West was $578,200, down 8 percent from April 2022.
Sales in the Northeast were down 1.9 percent from March and down 23.9 percent from April 2022. The median price in the Northeast was $422,700, up 2.8 percent from the previous year. In the Midwest, existing-home sales declined 1.9 percent from one month ago, while down 21.5 percent annually.
Existing-home sales in the South decreased 3.4 percent from March to an annual rate of 1.98 million in April, a 20.2 percent decline from one year ago. The median price in the South was $357,900, down 0.6 percent from April 2022.
“Home sales are bouncing back and forth but remain above recent cyclical lows,” said NAR Chief Economist Lawrence Yun. “The combination of job gains, limited inventory and fluctuating mortgage rates over the last several months have created an environment of push-pull housing demand.”
The inventory of unsold existing homes increased 7.2 percent from the previous month to 1.04 million at the end of April, or the equivalent of 2.9 months’ supply at the current monthly sales pace.