By Melissa Dittmann Tracey | National Association of Realtors
Existing-home sales were mostly stuck in place in April, despite what’s typically a busy spring real estate season. The number of For Sale signs in the existing-home market remains relatively subdued, prompting more buyers to turn to new-home construction, where sales activity lately has been more robust.
Existing-home sales—which includes single-family homes, townhomes, condos and co-ops—eked out a 0.2% increase in April compared to March and posted essentially no change when compared to a year ago, the National Association of REALTORS® reported Monday. Modest sales increases in the Midwest and South were offset by virtually stagnant sales in the Northeast and West.
The market is sending “mixed macroeconomic signals,” says Lawrence Yun, NAR’s chief economist. A record-high stock market combined with historically low consumer confidence is translating into a mixed picture for home buyers and sellers this spring.
