Existing-home sales increased by 0.2% in April, reaching a seasonally adjusted annual rate of 4.02 million, according to a May 11 report from the National Association of Realtors. The organization also reported that unsold inventory rose by 5.8% to 1.47 million units, representing a 4.4-month supply.
The data is important for real estate professionals and consumers because it provides insight into trends affecting home buying and selling decisions nationwide.
Sales performance varied across regions: the Midwest and South saw month-over-month gains, the Northeast was unchanged, and the West experienced a decline. Year-over-year, national existing-home sales remained flat while the median price increased by 0.9% to $417,700—a trend that marks the thirty-fourth consecutive month of year-over-year price growth.
“Despite mixed macroeconomic signals—including a record-high stock market and historically low consumer confidence—home sales were modestly boosted by the continued improvement in housing affordability,” said NAR Chief Economist Dr. Lawrence Yun. “Mortgage rates are lower from a year ago, and average income growth is outpacing home price gains.”
Yun also said: “Inventory still remains tight. Multiple offers, though not as intense as a few years ago, are still occurring. At the same time, days on market are lengthening on average, implying that consumers are taking their time before making decisions.” He added: “The increase in second-home purchases reflects stronger finances among higher-income households, as well as the post-COVID rise in remote work and hybrid job schedules.”
The Housing Affordability Index improved to 110.6 from last year’s figure of 101.4 with all regions experiencing greater affordability over the past year; improvements ranged from +4.7% in the Northeast to +12.5% in the West.
In terms of property types for April: single-family home sales held steady at an annual rate of 3.64 million (down slightly from last year), with a median price rising to $422,300; condominium/co-op sales rose by 2.7%, both month-over-month and year-over-year.
According to data included with this release’s methodology section—and further detailed on the official website—existing-home sale figures are based on transaction closings through Multiple Listing Services (MLSs) rather than contract signings or deposits accepted (as tracked separately by U.S Census Bureau). NAR periodically benchmarks its figures using other sources for accuracy.
Additional information about NAR reveals it functions as one of real estate’s leading trade associations; it supports diversity within its profession; encompasses around 1,200 local boards along with state/territorial associations; works toward empowering members’ rights regarding property ownership; delivers resources such as research/statistics/advocacy/education/news; maintains headquarters in Chicago with another office located in Washington D.C., according to the official website.
Looking ahead, observers may watch how ongoing changes in mortgage rates or shifts in regional demand could affect future monthly reports.
