Existing home sales were subdued in April as inventory remained stubbornly low
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Existing home sales were subdued in April as inventory remained stubbornly low.
The National Association of Realtors reports that existing sales of all home types fell 2.3% to a seasonally adjusted annual rate of 5.57 million, down from 5.7 million in March. However, sales are 1.6% above the rate of April 2016.
"Last month's dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2%, and new and existing inventory is not keeping up with the fast pace homes are coming off the market," said NAR chief economist Lawrence Yun. "Demand is easily outstripping supply in most of the country and it's stymieing many prospective buyers from finding a home to purchase."
The median existing home price was up 6% to $244,800, the 62nd consecutive monthly increase.
Although inventory climbed 7.2% to 1.93 million homes in April from a month earlier, it was 9% below the level of April 2016. There was 4.2 months of unsold inventory at the current sales pace.
"Homes in the lower- and mid-market price range are hard to find in most markets, and when one is listed for sale, interest is immediate and multiple offers are nudging the eventual sales prices higher,” added Yun.
The National Association of Realtors reports that existing sales of all home types fell 2.3% to a seasonally adjusted annual rate of 5.57 million, down from 5.7 million in March. However, sales are 1.6% above the rate of April 2016.
"Last month's dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2%, and new and existing inventory is not keeping up with the fast pace homes are coming off the market," said NAR chief economist Lawrence Yun. "Demand is easily outstripping supply in most of the country and it's stymieing many prospective buyers from finding a home to purchase."
The median existing home price was up 6% to $244,800, the 62nd consecutive monthly increase.
Although inventory climbed 7.2% to 1.93 million homes in April from a month earlier, it was 9% below the level of April 2016. There was 4.2 months of unsold inventory at the current sales pace.
"Homes in the lower- and mid-market price range are hard to find in most markets, and when one is listed for sale, interest is immediate and multiple offers are nudging the eventual sales prices higher,” added Yun.
