Existing-Home Sales Fell 2.3% in April, Up 1.6% YOY

Washington, DC, May 24, 2017-Total existing-home sales dipped 2.3% to a seasonally adjusted annual rate of 5.57 million in April from a downwardly revised 5.70 million in March. Despite last month's decline, sales are still 1.6% above a year ago and at the fourth highest pace over the past year, according to the National Association of Realtors.

Stubbornly low supply levels held down existing-home sales in April and also pushed the median number of days a home was on the market to a new low of 29 days.

Lawrence Yun, NAR chief economist, says every major region except for the Midwest saw a retreat in existing sales in April. "Last month's dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2 percent, and new and existing inventory is not keeping up with the fast pace homes are coming off the market," he said. "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 for all housing types in April was $244,800, up 6.0% from April 2016 ($230,900). April's price increase marks the 62nd straight month of year-over-year gains.

Total housing inventory at the end of April climbed 7.2% to 1.93 million existing homes available for sale, but is still 9.0% lower than a year ago (2.12 million) and has fallen year-over-year for 23 consecutive months. Unsold inventory is at a 4.2-month supply at the current sales pace, which is down from 4.6 months a year ago.