U.S. existing home sales declined 3.1% year-over-year in April

Good morning wonderful professionals, I hope everyone is well.

U.S. existing home sales declined 3.1% year-over-year in April, reaching a seasonally adjusted annual rate of just 4.0 million, the lowest April reading since 2009. On a month-over-month basis, sales dipped 0.5%, falling short of market expectations for a 2.0% increase.

The decline was most pronounced in the West and Northeast, while sales activity in the South held steady and the Midwest saw a modest uptick.

At the same time, inventory levels rose sharply up 21% to 1.45 million homes, the highest April supply since 2020, according to ZeroHedge. Yet, despite the increase in listings, the median sales price still climbed 1.8% year-over-year to $414,000, setting a new record for the month.

This dynamic softening demand paired with persistent price growth continues to reflect the ongoing imbalance in the housing market.