NAR: Existing-Home Sales Decreased to 4.14 million SAAR in April
Existing-home sales receded in April, according to the National Association of REALTORS®. All four major U.S. regions posted month-over-month declines. Year-over-year, sales decreased in the Northeast, Midwest and South but increased in the West.
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – slid 1.9% from March to a seasonally adjusted annual rate of 4.14 million in April. Year-over-year, sales fell 1.9% (down from 4.22 million in April 2023).
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Total housing inventory registered at the end of April was 1.21 million units, up 9% from March and 16.3% from one year ago (1.04 million). Unsold inventory sits at a 3.5-month supply at the current sales pace, up from 3.2 months in March and 3.0 months in April 2023. Sales in April (4.14 million SAAR) were down 1.9% from the previous month and were 1.9% below the April 2023 sales rate. According to the NAR, inventory increased to 1.21 million in April from 1.11 million the previous month.
Headline inventory is not seasonally adjusted, and inventory usually decreases to the seasonal lows in December and January, and peaks in mid-to-late summer.
https://www.calculatedriskblog.com/2024/05/nar-existing-home-sales-decreased-to.html