ARLINGTON, Va.—Existing home sales fell 3.4% in April to a seasonally adjusted annual rate of 4.28 million units.
This represents a 23.2% decrease in sales versus a year ago, noted NAFCU Chief Economist and Vice President of Research Curt Long.
“Despite the decline in existing home sales, it is clear the housing market bottomed in January and is now on better footing,” said Long. “Current mortgage rates are no longer a shock to prospective buyers or sellers. The macroeconomic implications are straightforward: should the economy encounter any weakness leading to lower rates, the housing market is poised for growth. If the truism that the housing market is the economy holds, then recessionary fears are mostly behind us. NAFCU expects uneven growth in the housing market to continue through the rest of 2023.”
In April, home sales fell across all regions. Sales in the West fell 6.1%, followed by the South at 3.4%, and both the Midwest and the Northeast saw a 1.9% decrease.
Based on current sales, there were nearly three months of supply at the end of April. The median existing home price rose 3.6% in April to $388,800. That represents a 1.7% decline versus a year ago, the data show.
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