Existing home sales fell again in April

The spring housing market is suffering from a lack of interest from buyers

By Mark Huffman of ConsumerAffairs

May 23, 2025

• Existing-home sales slid 0.5% in April to a seasonally adjusted annual rate of 4 million.

• The median existing-home sales price rose 1.8% from April 2024 to $414,000, an all-time high for the month of April and the 22nd consecutive month of year-over-year price increases.

• The inventory of unsold existing homes bounced 9% from the previous month to 1.45 million at the end of April, or the equivalent of 4.4 months’ supply at the current monthly sales pace.

Sales of existing homes fell in April for the second straight month, but despite the lack of demand, the median home price continued to rise, further eroding affordability.

The National Association of Realtors reports total existing-home salesincluding single-family homes, townhomes, condominiums, and co-opsfell 0.5% from March to a seasonally adjusted annual rate of 4 million in April. Compared to a year ago, sales were down 2% from 4.08 million units.

Home sales have been at 75% of normal or pre-pandemic activity for the past three years, even with seven million jobs added to the economy, said NAR Chief Economist Lawrence Yun. Pent-up housing demand continues to grow, though not realized. Any meaningful decline in mortgage rates will help release this demand.

With fewer sales, housing inventory surged. The total housing stock at the end of April reached 1.45 million unitsup 9% from March and 20.8% higher than April 2024. At the current sales pace, unsold inventory now represents a 4.4-month supply, up from 4 months in March and 3.5 months a year earlier.

Home prices mixed across regions

The national median existing-home price in April stood at $414,000, an increase of 1.8% from one year ago. Price trends varied regionally, with gains in the Northeast and Midwest offset by declines in the South and West.

• Northeast: Median price rose 6.3% to $487,400.

• Midwest: Price increased 3.6% to $313,300.

• South: Price slipped 0.1% to $365,300.

• West: Price dipped 0.2% to $628,500.

“At the macro level, we are still in a mild seller’s market,” Yun noted. “But with the highest inventory levels in nearly five years, consumers are in a better situation to negotiate for better deals.”

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