In April, existing home sales in the United States saw only a slight increase, according to a sector organization. Economists do not anticipate a short-term drop in mortgage rates.
The National Association of Realtors (NAR) monthly report revealed that 4.02 million properties changed hands last month on an annualized basis. This represents a modest uptick from March (+0.2%) with year-over-year levels remaining steady.
MarketWatch consensus expected slightly stronger figures around 4.10 million sales. Despite mixed macroeconomic signals, including record high stock market levels and historically low consumer confidence, real estate sales showed a slight improvement, noted Lawrence Yun, NAR’s chief economist.
Although some properties for sale continue to attract multiple potential buyers simultaneously – a sign of attractiveness – the trend is slowing. The median home price in April was $417,700, up 0.9% from the previous year due to limited supply.
Additionally, the average listing time is increasing, suggesting buyers are taking more time before making decisions, Yun explained. Mortgage rates have been rising since the start of the Middle East conflict, with 30-year rates at 6.37% as of May 7.
The surge in energy prices due to the conflict has fueled inflationary pressures and lowered growth forecasts.
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