Existing-home sales declined in April, down 2.7% to a seasonally-adjusted annual rate of 5.85 million. This marks three straight months of declines, according to the National Association of REALTORS® (NAR). All major U.S. regions except one experienced month-over-month drops in home sales; however, each saw double-digit, year-over-year growth for April.
Single-family home sales decreased to a seasonally-adjusted annual rate of 5.13 million in April, down 3.2% from 5.30 million in March, but up 28.9% from the prior year. The median existing single-family home price was $347,400 in April, up 20.3% from April 2020.
By Region:
Midwest
Existing-Home Sales: 1.29 million (+13.2% YoY)
Median Price: $259,300 (+13.5% YoY)
Northeast
Existing-Home Sales: 730,000 (+30.4% YoY)
Median Price: $381,100 (+22.0% YoY)
South
Existing-Home Sales: 2.60 million (+39.0% YoY)
Median Price: $289,600 (+15.8% YoY)
West
Existing-Home Sales: 1.23 million (+53.8% YoY)
Median Price: $501,200 (+19.9% YoY)
How the Industry Is Responding:
“Home sales were down again in April from the prior month, as housing supply continues to fall short of demand. We’ll see more inventory come to the market later this year as further COVID-19 vaccinations are administered and potential home sellers become more comfortable listing and showing their homes. The falling number of homeowners in mortgage forbearance will also bring about more inventory. Despite the decline, housing demand is still strong compared to one year ago, evidenced by home sales from this January to April, which are up 20% compared to 2020. The additional supply projected for the market should cool down the torrid pace of price appreciation later in the year. First-time buyers in particular are having trouble securing that first home for a multitude of reasons, including not enough affordable properties, competition with cash buyers and properties leaving the market at such a rapid pace.” — Lawrence Yun, NAR Chief Economist
“The demand for homeownership in America is as strong as it’s ever been, and NAR continues working with policymakers across the country to find solutions to the issues we face in our industry. Ultimately, though, buyers still recognize that securing a home is one of the best ways to build long-term wealth, and REALTORS® continue their work to make that dream a reality for families everywhere.” — Charlie Oppler, NAR President
For more information, please visit www.nar.realtor.
