Source: Fortune
Summary
Existing home sales in the US were flat in April, with a 0.2% increase from March to a seasonally adjusted annual rate of 4.02 million units. Sales were unchanged compared to April last year and fell short of economists’ expectations. Home prices continued to rise, with the US median sales price increasing 0.9% to $417,700, an all-time high for April. The housing market has been in a slump since 2022, with sales stuck at a 30-year low. Lawrence Yun, NAR’s chief economist, said the market is not predicting any increase compared to last year.
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The numbers tell one story.
Sales are stuck at a 4-million annual pace, far short of the historic norm. Home prices have risen on an annual basis for 34 months in a row. The average rate on a 30-year mortgage has been fluctuating since the war with Iran began. Inventory levels remain well below historical norms, with a 4.4-month supply at the current sales pace. Lawrence Yun said the market needs to see 30% growth in inventory, but it’s not happening. The announcement sounds like a familiar tune: a sluggish housing market with no clear end in sight.
Author: Evan Null
