The National Association of Realtors is reporting that existing home sales were down 0.5% in April to a seasonally-adjusted annual rate of 4 million – down 2% year over year. Total housing inventory at the end of April was 1.45 million units, up 9% from March and up 20.8% from one year ago. Unsold inventory sits at a 4.4-month supply at the current sales rate with properties remaining on the market for around 29 days. The median existing-home price for all housing types in April was $414k. The NAR says there is a lot of unrealized pent up demand out there:
“Home sales have been at 75% of normal or pre-pandemic activity for the past three years, even with seven million jobs added to the economy…Pent-up housing demand continues to grow, though not realized. Any meaningful decline in mortgage rates will help release this demand.” Said the NAR’s Chief Economist Lawrence Yun.
Click here to read the full report at the NAR.
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Written by: Brad Beckett