Here’s a look at recent news of interest to homebuyers, home sellers, and the home-curious.
PERSISTENT INVENTORY CONSTRAINTS SUPPRESS APRIL U.S. HOME SALES
Both homebuyer demand and tight inventory conditions continued in April, holding back sales and causing properties to fly off the market.
The latest monthly existing home sales report from the National Association of Realtors says that U.S. properties sold in a median 26 days in April, down on both a monthly and yearly basis and the fastest pace of sales since the organization began tracking that data. Nearly 60 percent of homes sold were on the market for less than a month, a record high.
There were 1.80 million homes for sale in April, down by 6.3 percent on a year-over-year basis for the 35th straight month of annual declines. America’s persistent housing inventory shortage drove up the median sales price for the 74th consecutive month to $257,900. A lack of homes for sale also constrained sales, which declined slightly on both a monthly and yearly basis.
“With mortgage rates and home prices continuing to climb, an increase in housing supply is absolutely crucial to keeping affordability conditions from further deterioration,” NAR Chief Economist Lawrence Yun said. “The current pace of price appreciation far above incomes is not sustainable in the long run.