The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

Business

Home sales slipped unexpectedly in April despite big gains in supply

by admin May 23, 2024
May 23, 2024
Home sales slipped unexpectedly in April despite big gains in supply

Sales of previously owned homes fell 1.9% in April from March to 4.1 million units, on a seasonally adjusted annualized basis, according to the National Association of Realtors. The forecast had been for a slight gain.

Sales were also down from April 2023, off 1.9% from last year.

These sales are based on closings, so contracts likely signed in February and March. Mortgage rates jumped at the start of February and then held around 7% for the next two months before moving even higher in April.

“When we see these mortgage rates, which is a 300 basis point increase from pre-Covid pace, we are in a new territory as to how the lock-in effect will restrain home sales,” said Lawrence Yun, chief economist for the National Association of Realtors.

Total housing inventory at the end of April was 1.21 million units, up 9% month to month and up 16% from the year before, but still just a 3.5-month supply at the current sales pace. A six-month supply is considered balanced between buyer and seller. The supply of homes priced at more than $1 million, however, was up 34% year over year, which is why that segment of the market is most active.

Sales of homes priced below $100,000 fell 7.1% year over year, while sales of those priced over $1 million jumped 40%.

Tight supply kept prices under pressure. The median price of an existing home sold in April was $407,600, an increase of 5.7% year over year. That is another record high price for April. With multiple offers, due to strong demand, 27% of homes sold above list price.

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

First-time buyers made a slight comeback, making up 33% of April sales, up from 29% the year before. The all-cash share was still relatively high, at 28% of all transactions.

Regionally, sales in the Northeast fell 4% from March and 4% from April 2023. The median price in the Northeast was $458,500, up 8.5% year over year.

In the Midwest, sales dropped 1% month to month and were also down 1% year over year. The median price in the Midwest was $303,600, up 6% from April 2023.

Sales in the South dropped 1.6% from March and 3.1% from the year before. The median price in the South was $366,200, up 3.7% from last year.

And in the West, sales were down 2.6% for the month and rose 1.3% from one year before. The median price in the West was $629,600, up 9.3% from April 2023.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Amazon plans to give Alexa an AI overhaul — and a monthly subscription price
next post
Hims & Hers Health says it will offer compounded GLP-1 injections

Related Posts

Trump demands resignation of Intel CEO over alleged...

August 8, 2025

All the data so far is showing inflation...

April 27, 2024

Warner Bros. Discovery’s NBA rights offer could put...

May 24, 2024

‘He’s like Iron Man’: Jensen Huang lit up...

June 11, 2025

The Mirage casino, which ushered in an era...

May 18, 2024

Social Security Administration to remove food assistance as...

March 29, 2024

Coca-Cola takes on Olipop and Poppi with new...

February 20, 2025

Trump Media in reported talks to buy crypto...

November 20, 2024

‘Absurd’: NTSB chair blasts Boeing for failing to...

March 8, 2024

CarShield ordered to pay $10 million federal settlement...

August 2, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Amazon cracks down on Prime free shipping sharing

      September 4, 2025
    • Crash victims’ families prepare to make what could be their final plea for Boeing’s prosecution

      September 4, 2025
    • Disney to pay $10 million to settle FTC complaint over collection of children’s data on YouTube

      September 4, 2025
    • The Real Drivers of This Market: AI, Semis & Robotics

      September 4, 2025
    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

      September 4, 2025
    • Trump’s political advisers huddle with House GOP over rebranding of the big beautiful bill

      September 4, 2025

    Categories

    • Business (1,376)
    • Politics (4,393)
    • Stocks (1,627)
    • Uncategorized (45)
    • World News (1,369)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thetraderharbor.com | All Rights Reserved