Existing-home sales rose 0.2% in April to a seasonally adjusted annual rate of 4.02 million, according to the latest National Association of Realtors (NAR) “Existing-Home Sales Report.” While sales were unchanged from one year ago, the latest data suggests the housing market is continuing to stabilize after a slower start to the spring season. Activity improved in the Midwest and South, held steady in the Northeast, and softened slightly in the West.
More Inventory Creates Breathing Room for Buyers
Housing inventory continued to improve in April, giving buyers more choices and easing some of the intense competition seen in recent years. Total inventory climbed 5.8% from March to 1.47 million homes, equal to a 4.4-month supply at the current sales pace. Although still below the five-to-six-month range typically associated with a balanced market, the increase marks another step toward healthier conditions overall. According to Lawrence Yun, chief economist for the NAR, inventory remains relatively tight in many areas, though buyers are taking more time to evaluate options compared to the rapid pace seen during the pandemic-era market.
Affordability Improves Compared to Last Year
Affordability showed meaningful improvement from one year ago, supported by steady wage growth and mortgage rates that remain below 2025 levels. The NAR Housing Affordability Index rose to 110.6 in April, up from 101.4 a year earlier, with all four regions posting year-over-year gains. Yun noted that improving affordability modestly supported April sales activity as income growth continued to outpace home price appreciation. Mortgage rates still remain a major factor influencing buyer behavior, however. The average 30-year fixed-rate mortgage was 6.33% in April, slightly higher than March’s 6.18% average but below the 6.73% rate recorded one year ago.
Prices Continue Rising at a Slower Pace
The national median existing-home price reached $417,700 in April, up 0.9% from one year earlier and marking the 34th consecutive month of annual price increases. Price growth has moderated compared to the rapid appreciation seen in previous years, reflecting improving inventory levels and gradually rebalancing market conditions. Homes also spent slightly longer on the market compared to last year, averaging 32 days in April versus 29 days one year ago, suggesting buyers are becoming more deliberate as inventory improves. First-time buyers accounted for 33% of transactions, while investors and second-home buyers represented 16% of purchases.
Looking Ahead
April’s report points to a housing market that continues to rebalance gradually. Buyers are benefiting from greater inventory and improved affordability compared to last year, while sellers continue to retain pricing strength in many markets. As more listings enter the market, success will increasingly depend on realistic pricing, strong presentation, and careful attention to local market conditions.
Regional Sales Snapshot
Northeast: 450,000 existing-home sales (0% MoM, -8.2% YoY) | Median Price: $510,800 (+4.8%)
Midwest: 950,000 existing-home sales (+2.2% MoM, -1.0% YoY) | Median Price: $324,500 (+3.6%)
South: 1.87 million existing-home sales (+0.5% MoM, +2.7% YoY) | Median Price: $366,600 (+0.4%)
West: 750,000 existing-home sales (-2.6% MoM, 0% YoY) | Median Price: $619,600 (-1.4%)
