According to the National Association of REALTORS®, existing home sales dipped in the month of April. Inventory levels failed to keep pace with demand, especially in the starter home and mid-range categories. In addition, homes remained on the market for an average of just 29 days before selling, which is the fastest rate recorded since 2011.
Interest Rates
According to Freddie Mac, 30-year fixed rates ticked down from 4.03 percent to 3.94 percent. This rate remains well below the historical average of 8.90 percent.
Home Sales
The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of approximately 5.57 million homes during the month of April. This was a decrease of 2.3 percent from March, and an increase of 2.6 percent from April of last year.
Home Prices
The median home price increased to $244,800 in April, which was up 3.5 percent from March and up 6.0 percent from April of last year. The median home price has increased by approximately $13,900 in the past year alone.
Inventory
There was a 4.2-month supply of housing inventory in April, which was up 10.5 percent from March. The total number of available homes for sale decreased by 10.6 percent compared to April of last year.
