Money Control Place
  • Politics
  • Business
  • Stocks
  • Investing
  • Politics
  • Business
  • Stocks
  • Investing

Money Control Place

Business

Home sales slipped unexpectedly in April despite big gains in supply

by 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
Warner Bros. Discovery and ESPN strike 5-year deal for College Football Playoff games
next post
Target says shoppers are buying fewer groceries and home goods

Related Posts

Hims & Hers Health says it will offer...

May 21, 2024

Amazon taps Xbox co-founder to lead new team...

May 31, 2025

Rare Michael Jordan, Kobe Bryant rookie jerseys expected...

March 7, 2025

Electric vehicle owners face the cold truth as...

January 20, 2024

Shein and Temu see U.S. demand plunge as...

June 6, 2025

Retirees ‘stunned’ as market turmoil over tariffs shrinks...

April 6, 2025

Netflix shares soar as company reports surging revenue,...

January 23, 2025

Amazon cracks down on Prime free shipping sharing

September 4, 2025

Donald Trump set to receive $1.25 billion worth...

April 23, 2024

How In-N-Out Burger’s president runs her fast-food empire:...

April 18, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


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

    Latest

    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

    • Standard Uranium Confirms High-Grade Uranium Mineralization up to 8.10% U3O8 at Surface on the Corvo Project

    • Prismo Metals Announces Private Placement and Ripsey Gold Project Overlimit Silver Assay Results

    • Canadian Investment Regulatory Organization Trade Resumption – CRDL

    • Bold Ventures Highlights Burchell Gold Copper Project News

    • Eric Sprott Announces Acquisition of Common Shares of Silverco Mining Ltd.

    Categories

    • Business (1,400)
    • Investing (3,048)
    • Politics (3,699)
    • Stocks (1,825)
    • Uncategorized (20)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: MoneyControlPlace.com, 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 moneycontrolplace.com | All Rights Reserved