NAR: April Existing-Home Sales Edge Up 0.2% to 4.02M as Inventory Hits 4.4 Months
The highest supply reading since early 2019 signals a shifting balance of power between buyers and sellers
By NAR
April existing-home sales reached 4.02 million annualized units, a gain of just 0.2% month-over-month, according to the National Association of Realtors. The median sales price came in at $417,800.
The headline number masks a more significant structural shift: months of supply climbed to 4.4 — the highest reading since early 2019. The Midwest and South posted modest monthly gains; the Northeast and West saw year-over-year declines.
NAR Chief Economist Lawrence Yun noted that income growth is now outpacing price gains in many markets, and that mortgage rates are marginally lower than a year ago. But days-on-market are lengthening, and buyers are increasingly taking their time — a behavioral signal that the seller's market dynamic of 2020–2023 has structurally reversed in many submarkets.
The 4.4-month supply reading is particularly notable. While traditional definitions of a "balanced market" sit at 6 months, the housing market has operated well below 3 months for most of the last four years. Crossing 4 months is a directional inflection — sellers who price aggressively in the current rate environment will face longer waits or increasing pressure to offer concessions.
Source: NAR
Tags