U.S. existing-home sales fell 3.6% month-over-month and 1.0% year-over-year to a seasonally adjusted annual rate of 3.98 million, according to the National Association of REALTORS® (NAR), as tight supply and ongoing affordability challenges constrained activity. Sales declined month-over-month in all four regions. Year-over-year, sales increased in the South and West but fell in the Midwest and Northeast.
• Single Family Closed Sales were down 10.6 percent to 3,769.
• Townhouse-Condo Closed Sales were down 8.5 percent to 1,457.
• Adult Communities Closed Sales were up 4.9 percent to 581.
• Single Family Median Sales Price increased 4.3 percent to $600,000.
• Townhouse-Condo Median Sales Price increased 4.4 percent to $443,595.
• Adult Communities Median Sales Price increased 0.8 percent to $373,000.
Nationally, the median existing-home price rose 1.4% from a year earlier to $408,800, marking the 33rd consecutive month of year-over-year price increases as limited inventory continued to put upward pressure on prices, NAR said. There were 1.36 million homes for sale heading into April, up 2.3% from a year earlier, representing a 4.1-month supply at the current sales pace.