U.S existing home sales hit 5.85 million in April, down 2.7% from the previous month, according to the National Association of Realtors press release. April’s existing home sales decline happens for the third consecutive month on falling supply.
Sales were up 33.9% from 4.37 million units in April 2020.
January-April sales were 20% higher compared to the same period last year.
Median sales price for existing homes rose at a record 19.1% to hit $341,600.
All regions recorded rising price increases for existing homes.
Each U.S region except the Midwest, had month over month falls in home sales, but each recorded double-digit increase year over year.
The U.S supplied 1.16 million housing units in April, up 10.5% from the previous month although the inventory was 20.5% below a similar month of 2020.
NAR chief economist Lawrence Yun expects more housing inventory in the market this year as COVID-19 vaccinations rise and new sellers join the market.
SPDR Homebuilders ETF is currently declining. XHB is down 0.30%.
