WASHINGTON (May 22, 2024) – Existing home sales fell in April, according to the National Association of Realtors (NAR). All four major U.S. regions saw declines from the previous month. Year-over-year sales fell in the Northeast, Midwest and South, but increased in the West.
Total Existing Home Sales1 – completed transactions, which include single-family homes, townhouses, 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 were down 1.9% (down from 4.22 million in April 2023).
“Home sales were little changed overall, but the luxury home market saw larger gains as more homes were brought onto the market,” said Lawrence Yun, chief economist for the National Association of Realtors.
Total Housing Inventory2 There were 1.21 million homes registered at the end of April, up 9% from March and 16.3% from a year ago (1.04 million). Unsold inventory stands at 3.5 months’ worth of listings at the current sales pace, up from 3.2 months in March and 3.0 months’ worth in April 2023. For homes priced over $1 million, inventory and sales are up 34% and 40%, respectively, from a year ago.
Median Existing Home Price3 Sales prices for all home types in April were $407,600, up 5.7% from a year ago ($385,800). All four regions of the U.S. recorded price increases.
“Home prices hitting an all-time high for April is very good news for homeowners,” Yoon added, “but the pace of price increases should slow as home inventory increases.”
Realtor Trust Index
According to the monthly REALTORS® Confidence Index, properties typically remain on the market for 26 days in April, down from 33 days in March but up from 22 days in April 2023.
First-time buyer sales in April were 33%, up from 32% in March and 29% in April 2023. NAR’s 2023 Home Buyer and Seller Profiles – Released in November 2023Four – The annual share of first-time home buyers was found to be 32%.
All-cash sales made up 28% of April transactions, the same as in March and a year ago.
Individual investors and second-home buyers, who make up the bulk of cash sales, purchased 16% of homes in April, up from 15% in March but down from 17% in April 2023.
Sales in distressFive Foreclosures and short sales made up 2% of sales in April, roughly unchanged from last month and a year ago.
Mortgage interest rates
The average 30-year fixed-rate mortgage was 7.02% as of May 16, down from 7.09% the previous week but up from 6.39% a year ago, according to Freddie Mac.
Single Family Homes and Condominiums/Apartments for Sale
Single-family home sales in April were at a seasonally adjusted annual rate of 3.74 million, down 2.1% from 3.82 million in March and down 1.3% from a year ago. The median price of existing single-family homes in April was $412,100, up 5.6% from April 2023.
Existing condo and co-op sales in April were a seasonally adjusted annualized rate of 400,000, unchanged from the previous month and down 7% from a year ago (430,000). The median price of an existing condo was $365,300 in April, up 5.4% from a year ago ($346,700).
Regional breakdown
Northeast existing home sales fell 4% from March to 480,000 for the year in April, down 4% from April 2023. The median price in the Northeast was $458,500, up 8.5% from a year ago.
In the Midwest, existing home sales fell 1% to 1 million in April from the previous month and 1% down from a year ago. The average price in the Midwest was $303,600, up 6% from April 2023.
Existing home sales in the South fell 1.6% from March to 1.9 million in April, down 3.1% from a year ago. The average price in the South was $366,200, up 3.7% from a year ago.
In the West, existing home sales fell 2.6% month-on-month to 760,000 in April, but were up 1.3% year-on-year. The median price in the West was $629,600, up 9.3% from April 2023.
About the National Association of Realtors
The National Association of Realtors is America’s largest trade association with 1.5 million members involved in all aspects of the residential and commercial real estate industry. The term REALTOR® is a registered collective membership mark that identifies real estate professionals who are members of the National Association of Realtors and who adhere to the association’s strict code of ethics.
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For local information, check with your local Realtor association and get local MLS data. While there may be differences in reporting methodologies, local MLS data is the most accurate source of sales and pricing information for a particular area.
Note: NAR’s April Pending Home Sales Index is scheduled to be released on May 30, and May Existing Home Sales will be released on June 21. The release times are 10 a.m. ET.
1 Existing home sales, including single-family homes, townhomes, condominiums, and co-ops, are based on closings from the MLS. Changes in sales trends outside of the MLS are not reflected in the monthly series. NAR periodically benchmarks home sales with other sources to assess overall home sales trends, including sales not reported by the MLS.
Existing home sales, which are based on closings, differ from the U.S. Census Bureau’s series on new single-family home sales, which are based on receipt of a contract or down payment. Because of these differences, it is not uncommon for each series to move in different directions within the same month. Additionally, existing home sales, which account for over 90% of all home sales, are based on a much larger data sample (approximately 40% of the monthly Multiple Real Estate Services data) and are generally not subject to large revisions from the previous month.
The annualized sales rate for a particular month represents the actual total number of sales for the year if that month’s relative pace were maintained for 12 consecutive months. Seasonally adjusted annualized sales rates are used in reporting monthly data to remove seasonal variations in resale activity. For example, home sales are typically higher in the summer than in the winter due to differences in weather and family buying patterns. However, seasonal factors cannot compensate for unusual weather patterns.
Data collection for single-family homes began monthly in 1968, and data collection for condominiums began quarterly in 1981. The two sets of data were combined in 1999 when monthly data collection for condominiums began. Prior to this period, single-family homes accounted for more than 9 in 10 purchases. Historical comparisons of total home sales prior to 1999 are based on a combination of monthly single-family home sales and the corresponding quarterly sales rates for condominiums.
2 Total inventory and monthly supply data are available going back to 1999, while single-family home inventory and monthly supply data are available going back to 1982 (prior to 1999, single-family home sales accounted for over 90% of transactions, and condominiums were only measured quarterly).
3 The median is the price at which half sold higher and half sold lower. The median is more representative of market conditions than the average price, which is skewed higher by a relatively small number of high-end transactions. Due to seasonality in buying patterns, comparisons to the median are valid only to the same period last year. Month-to-month comparisons cannot correct for seasonal variations, especially the timing of family buying patterns. Changes in sales mix can skew median data. One-year-old median and average prices are subject to revision through automated processes if additional data is received.
Because condominiums are concentrated in higher-priced housing markets, the median price of a condo/co-op nationwide is often higher than the median price of a single-family home. However, in certain areas, single-family homes typically sell for more than condominiums, as seen in NAR’s quarterly metropolitan area price reports.
Four Survey results represent owner-occupants and differ from monthly results reported separately from NAR’s REALTORS® Confidence Index, which includes all types of buyers. This annual survey represents primary residence purchases only and does not include investors or second-home buyers. Results include both new and existing homes.
Five Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from NAR’s monthly survey of REALTORS® Confidence Index, available on nar.realtor.
