Existing-Home Sales Edged Lower by 0.5% in April

Washington, D.C., May 22, 2025 (GLOBE NEWSWIRE) --

Key Highlights

• Existing-home sales slid 0.5% in April to a seasonally adjusted annual rate of 4.00 million. Sales retreated 2.0% from one year ago.

• The median existing-home sales price rose 1.8% from April 2024 to $414,000, an all-time high for the month of April and the 22nd consecutive month of year-over-year price increases.
• The inventory of unsold existing homes bounced 9.0% from the previous month to 1.45 million at the end of April, or the equivalent of 4.4 months’ supply at the current monthly sales pace.

Existing-home sales slowed in April, according to the National Association of Realtors®. Sales dipped in the Northeast and West, grew in the Midwest and were unchanged in the South. Year-over-year, sales declined in three regions and remained steady in the Northeast.

Total existing-home sales[1] – completed transactions that include single-family homes, townhomes, condominiums and co-ops – slipped 0.5% from March to a seasonally adjusted annual rate of 4.00 million in April. Year-over-year, sales descended 2.0% (down from 4.08 million in April 2024).

“Home sales have been at 75% of normal or pre-pandemic activity for the past three years, even with seven million jobs added to the economy,” said NAR Chief Economist Lawrence Yun. “Pent-up housing demand continues to grow, though not realized. Any meaningful decline in mortgage rates will help release this demand.”

Total housing inventory[2] registered at the end of April was 1.45 million units, up 9.0% from March and 20.8% from one year ago (1.2 million). Unsold inventory sits at a 4.4-month supply at the current sales pace, up from 4.0 months in March and 3.5 months in April 2024.

The median existing-home price[3] for all housing types in April was $414,000, up 1.8% from one year ago ($406,600). The Northeast and Midwest posted price increases, and the South and West registered price decreases.

“At the macro level, we are still in a mild seller’s market,” Yun said. “But with the highest inventory levels in nearly five years, consumers are in a better situation to negotiate for better deals.”

REALTORS® Confidence Index
According to the monthly REALTORS® Confidence Index, properties typically remained on the market for 29 days in April, down from 36 days in March but up from 26 days in April 2024.

First-time home buyers were responsible for 34% of sales in April, up from 32% in March and 33% in April 2024. NAR’s 2024 Profile of Home Buyers and Sellers – released November 2024[4] – found that the annual share of first-time home buyers was 24%, the lowest ever recorded.

Cash sales accounted for 25% of transactions in April, down from 26% in March and 28% in April 2024.

Individual investors or second-home buyers, who make up many cash sales, purchased 15% of homes in April, identical to March and down from 16% in April 2024.

Distressed sales[5] – foreclosures and short sales – represented 2% of sales in April, down from 3% in March and unchanged from the previous year.

Mortgage Rates

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.81% as of May 15. That’s up from 6.76% one week before but down from 7.02% one year ago.

Single-family and Condo/Co-op Sales

Single-family home sales waned 0.3% to a seasonally adjusted annual rate of 3.63 million in April, down 1.4% from the prior year. The median existing single-family home price was $418,000 in April, up 1.7% from April 2024.

Existing condominium and co-op sales faded 2.6% in April to a seasonally adjusted annual rate of 370,000 units, down 7.5% from one year ago. The median existing condo price was $370,100 in April, up 1.4% from the previous year ($364,900).

Regional Breakdown

In April, existing-home sales in the Northeast fell 2.0% from March to an annual rate of 480,000, identical to April 2024. The median price in the Northeast was $487,400, up 6.3% from one year earlier.

In the Midwest, existing-home sales improved 2.1% in April to an annual rate of 970,000, down 1.0% from the prior year. The median price in the Midwest was $313,300, up 3.6% from April 2024.

Existing-home sales in the South were unchanged from March at an annual rate of 1.81 million in April, down 3.2% from one year before. The median price in the South was $365,300, down 0.1% from last year.

In the West, existing-home sales contracted 3.9% in April to an annual rate of 740,000, down 1.3% from a year ago. The median price in the West was $628,500, down 0.2% from April 2024.

About the National Association of Realtors®

As America’s largest trade association, the National Association of Realtors® is involved in all aspects of residential and commercial real estate. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics. For free consumer guides about navigating the homebuying and selling transaction processes – from written buyer agreements to negotiating compensation – visit facts.realtor.