April Sales Decline of 7.6%
In Contrast with Seasonal Ramp-Up
The seasonal ramp-up to peak summer homebuying did not occur in April as closings dropped 7.6% from March across the report’s 49 metro areas. That came as the Median Sales Price rose 2.3% to $409,000 month-over-month and inventory inched up 1.8% over the prior month.
The number of home sales typically increases every month from February to June. But April posted a decline despite a month-over-month increase in new listings of 5.6%. Year-over-year, April sales were down 29.5% while new listings were 22.1% lower.
Other notable metrics:
• The median sales price has increased 6.2% since January after dropping 9.6% the previous seven months.
• Months’ Supply of Inventory in April was 1.3, unchanged from March but above the 1.0 a year ago.
• April’s average close-to-list price ratio was 99%, meaning that on average, homes sold for 1% less than the asking price. A year ago, it was 103%.
• Homes sold in April were on the market for an average of 33 days – six days less than March but 10 days longer than a year ago.
Read the full article…
Watch the 32 second summary video…