United States Existing Home Sales

Existing home sales in the US declined by 2.4% to a seasonally adjusted annual rate of 5.61 million in April of 2022, the lowest since June of 2020 and slightly below forecasts of 5.65 million. Sales went down for a third consecutive month, in another sign the housing market is cooling, as higher home prices and mortgage rates have reduced buyer activity. Total housing inventory amounted to 1,030,000 units, up 10.8% from March and the median existing-home price for all housing types was $391,200, up 14.8% from April 2021. "It looks like more declines are imminent in the upcoming months, and we'll likely return to the pre-pandemic home sales activity after the remarkable surge over the past two years", said Lawrence Yun, NAR's chief economist.