According to the National Association of REALTORS®, existing home sales declined in April 2019, continuing the slowdown in March. With mortgage rates at their lowest levels in nearly a year and inventory rising, more buyers may be entering the market soon.
Interest Rates
According to Freddie Mac, 30-year fixed rates decreased to 4.06 percent in April from 4.20 percent in March. 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 5.2 million in April, down 0.4 percent from March and 4.4 percent below the 5.4 million sales pace from a year ago.
Home Prices
The median home price increased to $267,300 in April, up 2.9 percent from March. The median home price has increased by approximately $9,400 in the past year alone.
Inventory
There was a 4.2-month supply of housing inventory in April 2019, up 7.7 percent from March. The total number of available homes for sale has increased by 5.0 percent compared to April of last year.
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