MARKET UPDATE FOR APRIL 2024

U.S. existing-home sales recently fell from a one-year high, dropping 4.3% month-over-month to a seasonally adjusted annual rate of 4.19 million, according to the National Association of REALTORS® (NAR), as higher interest rates and rising sales prices continue to keep some prospective buyers on the sidelines. Average 30-year mortgage rates have topped 7% in recent weeks, while the median existing-home sales price hit $393,500 as of last measure, a 4.8% increase from the previous month, according to NAR.

New Listings increased 2.0 percent for Single Family homes and 9.6 percent for Townhouse-Condo homes. Pending Sales decreased 33.0 percent for Single Family homes and 39.1 percent for Townhouse-Condo homes. Inventory decreased 3.2 percent for Single Family homes but increased 10.9 percent for Townhouse-Condo homes.

Median Sales Price increased 23.1 percent to $1,200,000 for Single Family homes and 8.3 percent to $699,900 for Townhouse-Condo homes. Days on Market decreased 29.0 percent for Single Family homes and 25.7 percent for Townhouse-Condo homes. Months Supply of Inventory increased 11.1 percent for Single Family homes and 16.7 percent for Townhouse-Condo homes.

Warmer temperatures appear to have helped bring some sellers back to the market, providing additional options to home shoppers during the spring buying season. Total inventory was up 4.7% month-over-month and 14.4% year-over-year, for a 3.2 months’ supply at the current sales pace, according to NAR. Nevertheless, demand continues to outpace supply and properties are selling quickly, with the typical home spending 33 days on market nationwide, down from 38 days the month before.