Total US existing home sales, including single-family homes, townhomes, condominiums and co-ops, declined -0.4% to a seasonally adjusted annual rate of 5.19 million in April, said the US National Association of Realtors (NAR) Tuesday. On a year-over-year basis, sales were -4.4% lower than a year ago. Sales have declined on an annualized basis for more than a year.
The April median sales price of all existing homes was US$267,300, up +3.6% from a year ago, representing the 86th consecutive month of year-over-year increases. The median existing condominium/co-op price of US$251,000 in April was up +3.4% from a year ago.
Existing homes for sale inventory was up +1.7% year-over-year in April compared to April 2018. — Calculated Risk
The April inventory increased to 1.83 million units from 1.67 million units in March, and rose from 1.8 million units compared to a year ago. At the current sales rate, the April unsold inventory represents a 4.2-month supply, up from a 3.8-month supply last month and 4.0-month supply a year ago. Homes stayed on the market for an average of 24 days in April, down from 36 days in March and 26 days a year ago. In April, 53% of homes sold were on the market for less than a month.