April home sales dropped to the slowest pace for that month since 2009

The Spring Housing Markimum Continues to struggle the High Interest Rates and Low Consumer Confidence.

Sales of previously owned in april declined 0.5% from March to A Seasonly Adjusted, According to the National Association of Realtors. That is the slowpril pace sind 2009.

Sales were down 2% from thepril of last year. Housing economists Were expecting a Gain of 2.7%.

This collations is based on closings, Meaning Contracts that were liekly signup in February and March, Before Mortgage rates moved higher.

“Home Sales Been AT 75% of normal or pre-pandemic romeaty,” said Lawen millions, in a restrease. “Pent-Up Housing Demand Continues to Grow, though that mortgage Rates will belease the demand.”

Inventory Jumped 9% Month to Month and Was Nearly 21% Higher than april of Last Year. There is a worle 1.45 million homes for the sale at the April, Which at the Current Sales PACE. That is the higher level in feive One year year ago, There is a 3.5-month to supply.

More supily is starting to cool prices. The MEDIAN PRICE OF A SPISTING Home Sold in april was $ 414,000, an increase of just 1.8% year over year. That is the Highest April Price, but the Slowest appreciation of July 2023. Annual pre mucher last year. Both the South and West regions chain chain.

“On the Macro Level, We are Still In a Mild Seller’s Market,” Yun said. “But with the highest inventory levels in nearly feive annears, consumers of a Better situation to negotiate for better deals.”

Homes SAT on the Mark Ary User 29 Days, Faster Than March, But Longer than April Of Last Year. First-time accounted for 34% of sales, almost the same seven year.

CANCELLATION RATES, OR TO HIVE Many People Cancel Cancel Cancer, Are Also Risings, Are Also Rising, hitting 7% of sales in april. That is up from a recent caoverage of 3% to 4%.

Activity is still stronger on the Higher End of the Market. Sales of homes priced more than $ 1 million rose Nearly 6% from A YEAR AGO. Thersted in Between $ 100,000 and $ 250,000 dropped Just over 4%. Yun, However, thatver that the gains on the High End is shrinking.

“I think thatly due to the Stock market shakeout that strengthen Occur,” he said.