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12h ago

U.S. Existing Home Sales Hit Slowest April Pace Since 2009

Sales fell 0.5% in April to an annualized rate of 4.00 million units, while inventory rose 9% to a five-year high, highlighting affordability challenges and cooling demand.

A "For Rent, For Sale" sign is seen outside of a home in Washington, U.S., July 7, 2022. REUTERS/Sarah Silbiger/File Photo
Image
FILE - A sale sign stands outside a home on the market Thursday, Oct. 17, 2024, in the east Washington Park neighborhood of Denver. (AP Photo/David Zalubowski, File)

Overview

  • April's existing home sales declined 0.5% month-to-month and 2.0% year-over-year, marking the weakest April performance since 2009.
  • Inventory increased 9% from March to 1.45 million homes, representing a 4.4-month supply—the highest level in five years but still below a balanced market threshold.
  • The median home price rose 1.8% year-over-year to $414,000, the slowest annual price growth since July 2023, as affordability pressures persist.
  • Contract cancellations surged to 7% in April, up from the recent average of 3–4%, reflecting growing buyer hesitancy in the market.
  • First-time buyers made up 34% of transactions, below the 40% share typically seen in a healthy housing market, while higher-end properties saw relatively stronger activity.