A report from the National Association of Realtors (NAR) has shown minor variances in existing home sales across the country. For the four major U.S. regions statistics have shown a combination of no change as well as slight increases and decreases with the sales pace. Overall the pace from the month before in March had only marginally decreased in total numbers countrywide.
Lawrence Yun, NAR’s chief economist, said he is not too concerned about the 0.4% dip in sales and expects moderate growth very soon. “First, we are seeing historically low mortgage rates combined with a pent-up demand to buy, so buyers will look to take advantage of these conditions,” he said. “Also, job creation is improving, causing wage growth to align with home price growth, which helps affordability and will help spur more home sales.”
Prices of Homes
Median prices for all housing types was up by a 3.6% increase this April over last year. This makes for the 86th month in a row for price increases.
Inventory levels are also up by 1.7% over the same time last year. Unsold inventory has increased to a 4.2 months supply this April which is up from 4.0 months in April of 2018.
“We see that the inventory totals have steadily improved, and will provide more choices for those looking to buy a home,” Yun said. He notes that sellers have to realize that price growth has moderated. “When placing their home on the market, home sellers need to be very realistic and aware of the current conditions.”
Time on Market
Homes were on the market for an average of 24 days in the month of April. This is down from 36 days in March and also down from 26 days in April of last year. Approximately 53% of the properties that sold in April were on the market for less than 30 days.