Sales of Existing Homes Dip for Third Month as Inventory Shrinks

The monthly declines belie a still-hot housing market that saw existing-home sales jump 33.9% from a year ago. Sales from January through April were 20% higher than the same period in 2020.

Housing inventory was at 1.16 million units at the end of April, representing a 2.4-month supply. Median price for an existing home was at a record high of $341,600, a 19.1% increase from April 2020.

Low inventory and soaring sales prices have made it a seller’s market. Reports of multiple offers and all-cash purchases, well above asking price, dominate housing news. Realtors report properties are getting multiple offers as soon as they are listed. NAR said 88% of homes sold in April were on the market for less than a month and typically are available for just 17 days, down from 18 days in March and 27 days in April 2020.

Housing Type and Regional Stats

Single-family home sales were at a SAAR of 5.13 million, a slip of 3.2% from March and up 28.9% from April 2020. The median price for an existing single-family home jumped 20.3% year-over-year to $347,400.

Condo and co-op sales rose 1.4% from March to April to a SAAR of 720,000 units and soared 84.6% from a year ago. Median condo price increased 12.6% year-over-year to $300,400.

Sales on a year-over-year basis rose by double digits in all four regions. From March to April, only the Midwest saw an increase in sales and that was marginal at 0.8%. Sales dipped 3.9% in the Northeast, 3.7% in the South and 3.1% in the West.