U.S. existing-home sales fell 3.6% month-over-month and 1% year-over-year to a seasonally adjusted annual rate of 3.98 million, according to the National Association of REALTORS® (NAR), as tight supply and ongoing affordability challenges constrained activity. Sales declined month-over-month in all four regions. Year-over-year, sales increased in the South and West but fell in the Midwest and Northeast.
New listings increased 7.7% for residential homes but decreased 14.5% for townhouse/condo homes. Pending sales decreased 11.4% for residential homes and 23.8% for townhouse/condo homes. Inventory increased 12.4% for residential homes and 6.2% for townhouse/condo homes.
Median sales price increased 11.3% to $325,000 for esidential homes but decreased 10.8% to $220,000 for townhouse/condo homes. Days on market increased 7.1% for residential homes and 24.4% for townhouse/condo homes. Months supply of inventory increased 15% for residential homes and 12.9% for townhouse/condo homes.
Nationally, the median existing-home price rose 1.4% from a year earlier to $408,800, marking the 33rd consecutive month of year-over-year price increases as limited inventory continued to put upward pressure on prices, NAR said. There were 1.36 million homes for sale heading into April, up 2.3% from a year earlier, representing a 4.1-month supply at the current sales pace.
