Existing home sales in US drop by 1.9 percent last month

(MENAFN) Data released on Wednesday by the National Association of Realtors (NAR) indicates a 1.9 percent decline in existing home sales in April. This metric, which tracks the change in the number of previously owned residential properties sold, fell to a seasonally adjusted annual rate of 4.14 million units during the month.

The reported figure fell short of expectations, which anticipated sales reaching 4.21 million units. In comparison, March saw existing home sales at 4.19 million units, which reflects a monthly decrease.

NAR head economist Lawrence Yun stated in a declaration that "the upper-end market is experiencing a sizable gain due to more supply coming onto the market."

Annually, existing home sales experienced a 1.9 percent decline from April 2023, dropping from 4.22 million units recorded during that period.

In terms of median existing home sales price, there was a notable increase of 5.7 percent on an annual basis. Last month, the median price reached USD407,600, in comparison to USD385,800 in April of the previous year.

"Home prices reaching a record high for the month of April is very good news for homeowners," Yun noted. "However, the pace of price increases should taper off since more housing inventory is becoming available.”



Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.