According to the most recent NAR news, existing home sales in April fell 3.4%, which is 23.2% down year over year.
“Home sales are bouncing back and forth but remain above recent cyclical lows. The combination of job gains, limited inventory and fluctuating mortgage rates over the last several months have created an environment of push-pull housing demand.”
NAR Chief Economist Lawrence Yun
We saw houses stay on the market for around 22 days, which is down from 29 the month previous, and we’ve seen multiple bidder situations returning, mostly to the western markets. For the full article you can go here: https://www.nar.realtor/newsroom/existing-home-sales-faded-3-4-in-april
Bottom Line
While inventory has been, and will continue to be the biggest hindrance to our industry right now, a general lack of buyers is not. With the summer months approaching, it is bringing its usual busy season for the industry, and we should all get ready.
