Sales of previously occupied U.S. homes sank last month, pushed down by high mortgage rates and rising prices. The National Association of Realtors reported Wednesday that existing home sales fell 1.9% to a seasonally adjusted annual rate of 4.14 million from a revised 4.22 million in March. The median price of a previously occupied homes rose 5.
FILE - A housing development in Middlesex, Pa., is shown on March 29, 2024. The National Association of Realtors reports on existing home sales for April on Wednesday, May 22, 2024. Existing home sales fell 1.9% to a seasonally adjusted annual rate of 4.14 million from a revised 4.2 million in March, the National Association of Realtors reported Wednesday. The median price of previously occupied homes rose 5.7% to $407,600 — the tenth straight increase and a record for April.
Lawrence Yun, the association’s chief economist, called the sales drop “a little frustrating.’' Economists had expected sales to come in at 4.2 million. The rate on the benchmark 30-year, fixed-rate loan has risen five of the last six weeks and stands at 7.02%, up from 6.39% a year ago. Would-be homebuyers are also deterred by the high prices, caused partly by a tight inventory of available homes.
The supply of homes rose 9% from March to 1.2 million, but remains low: It was running at 1.7 million before the pandemic.
General News W National Association Of Realtors Business Lawrence Yun F U.S. News U.S. News
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April 2024 Home/Condo SalesThanks as always to realtor Kevin Wood for compiling this monthly list of home/condo sales for PoPville. Click below on “April 2024 Sales” for the full list of sales in PDF and excel formats. April 2024 Sales (PDF) April 2024 Sales (Excel)
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