Existing-home sales struggle to overcome housing shortages

REALTORMag

Blame it on the low inventory of available property: Total existing-home sales failed to gain traction in April, according to the National Association of REALTORS® latest housing report, released Thursday.

Regional Breakdown

The following is a breakdown of existing-home sales across the country in April:

  • Northeast: existing-home sales dropped 4.4 percent to an annual rate of 650,000, and are now 11 percent below a year ago. Median price: $257,200—2.8 percent higher than a year ago.
  • Midwest: existing-home sales were unchanged month-over-month at an annual rate of 1.29 million in April, and are 3 percent below a year ago. Median price: $202,100—up 4.6 percent from a year ago.
  • South: existing-home sales dropped 2.9 percent to an annual rate of 2.33 million in April, but are still 2.2 percent above a year ago. Median price: $227,600—up 3.9 percent from a year ago.
  • West: existing-home sales dropped 3.3 percent to an annual rate of 1.19 million in April and are 0.8 percent below a year ago. Median price: $382,100—up 6.2 percent from a year ago.

Source: National Association of REALTORS®

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