US existing home sales fell to the lowest level in almost two years in April as house prices rose to a record high on a continued lack of inventory.
- Existing home sales dropped 2.4% to a seasonally adjusted annual pace of 5.61 million units last month, the lowest level since June 2020, when sales were recovering from the COVID-19 pandemic plunge.
- Sales increased in the Northeast and Midwest but dropped in the South and West.
- Home resales, which make up the bulk of the US home sales, plunged 5.9% on a year-on-year basis.
- The majority of April’s sales were possibly closings on contracts signed one to two months ago before the mortgage rates started rising sharply.
The median existing house prices jumped 14.8% from a year ago to an all-time high of $391,200 in April. The average house price rose 22% in the South, which had reported a sharp increase in sales as Americans moved from other regions.
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Source: National Association of Realtors
