The median number of days a home stayed on the market also decreased in April
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Along with the decline of sales for newly built single-family homes, existing-home sales also fell in April, according to the National Association of Realtors (NAR).
Total existing-home sales dropped 2.3% to a seasonally adjusted annual rate of 5.57 million in April from 5.70 million in March. However, sales were still 1.6 higher than they were last year and at a rate that was the fourth fastest over the past 12 months.
"Last month's dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2%, and new and existing inventory is not keeping up with the fast pace homes are coming off the market," said NAR Chief Economist Lawrence Yun. "Demand is easily outstripping supply in most of the country and it's stymieing many prospective buyers from finding a home to purchase."
April also saw a new low in the median number of days a home was on the market with 29 days that month, from 34 days in March and 39 days in April of 2016. April’s 29 days exceeded last May’s record of 32 days – the shortest time frame since NAR began tracking the market in May 2011.
Meanwhile, last month’s sales dropped 11.4% to a seasonally adjusted annual rate of 569,000 housing units, according to the Department of Housing and Urban Development and the Census Bureau.
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Construction of single-family built-for-rent homes declines
Total existing-home sales dropped 2.3% to a seasonally adjusted annual rate of 5.57 million in April from 5.70 million in March. However, sales were still 1.6 higher than they were last year and at a rate that was the fourth fastest over the past 12 months.
"Last month's dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2%, and new and existing inventory is not keeping up with the fast pace homes are coming off the market," said NAR Chief Economist Lawrence Yun. "Demand is easily outstripping supply in most of the country and it's stymieing many prospective buyers from finding a home to purchase."
April also saw a new low in the median number of days a home was on the market with 29 days that month, from 34 days in March and 39 days in April of 2016. April’s 29 days exceeded last May’s record of 32 days – the shortest time frame since NAR began tracking the market in May 2011.
Meanwhile, last month’s sales dropped 11.4% to a seasonally adjusted annual rate of 569,000 housing units, according to the Department of Housing and Urban Development and the Census Bureau.
Related stories:
Construction of single-family built-for-rent homes declines
