April Existing-Home Sales Declined 0.5% from March

Washington, DC, May 22, 2025-Total existing-home sales slipped 0.5% from March to a seasonally adjusted annual rate of 4.00 million in April, according to the National Association of Realtors. Year-over-year, sales descended 2.0% (down from 4.08 million in April 2024).

"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," said NAR chief economist Lawrence Yun. "Pent-up housing demand continues to grow, though not realized. Any meaningful decline in mortgage rates will help release this demand."

Total housing inventory registered at the end of April was 1.45 million units, up 9.0% from March and 20.8% from one year ago (1.2 million). Unsold inventory sits at a 4.4-month supply at the current sales pace, up from 4.0 months in March and 3.5 months in April 2024.

The median existing-home price for all housing types in April was $414,000, up 1.8% from one year ago ($406,600). The Northeast and Midwest posted price increases, and the South and West registered price decreases.

"At the macro level, we are still in a mild seller's market," Yun said. "But with the highest inventory levels in nearly five years, consumers are in a better situation to negotiate for better deals."

According to the monthly Realtors Confidence Index, properties typically remained on the market for 29 days in April, down from 36 days in March but up from 26 days in April 2024.

First-time home buyers were responsible for 34% of sales in April, up from 32% in March and 33% in April 2024. NAR's 2024 Profile of Home Buyers and Sellers found that the annual share of first-time home buyers was 24%, the lowest ever recorded.

Cash sales accounted for 25% of transactions in April, down from 26% in March and 28% in April 2024.

Individual investors or second-home buyers, who make up many cash sales, purchased 15% of homes in April, identical to March and down from 16% in April 2024.

Distressed sales represented 2% of sales in April, down from 3% in March and unchanged from the previous year.