BY BRAD BECKETT ON MAY 24, 2021
The National Association of Realtors is reporting that existing home sales were down 2.7% in April to a seasonally-adjusted annual rate of 5.851 million (up 33.9% from one year ago). Total housing inventory at the end of April was 1.16 million units, down 20.5% from one year ago. Click here to read more.
Unsold inventory sits at a 2.4-month supply at the current sales pace with properties remaining on the market for around 17 days. The median existing-home price for all housing types was $341,600, up 19.1% from April, 2020. Once again, there just aren’t enough homes for sale out there to meet demand.
“Home sales were down again in April from the prior month, as housing supply continues to fall short of demand…We’ll see more inventory come to the market later this year as further COVID-19 vaccinations are administered…Despite the decline, housing demand is still strong compared to one year ago.” Said Lawrence Yun, NAR’s chief economist.