Data released by NAR on Wednesday showed that homes at the high end of the market (those selling for $1 million or more) benefited greatly, with inventory and sales rising by double digits from a year ago.
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Sales of existing homes are down during one of the busiest homebuying months of the year, according to the National Association of Realtors.
Sales of existing homes fell 1.9% in April to a seasonally adjusted annual rate of 4.14 million units, according to data released on Wednesday. Sales also fell 1.9% from the previous month, NAR data showed.
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Data show that inventory increased to 1.21 million vehicles, an increase of 9% from the previous quarter and an increase of 16.3% from the same period last year. Homes at the high end of the market (homes priced at $1 million or more) accounted for most of the growth, with inventory and sales up 34% and 40%, respectively, from the same period last year.
“Home sales overall are little changed, but the high end of the market is experiencing considerable growth due to increased supply in the market,” NAR Chief Economist Lawrence Yun said in a statement.
Home sales remained low as mortgage rates were near or above 7% for much of April, according to Freddie Mac.
“High mortgage rates are affecting home sales,” said Holden Lewis, a home and mortgage expert at personal finance site NerdWallet. “People are eager to buy a home, but many would-be buyers are waiting for mortgage rates to drop below 7%. At the same time, the median home price is rising as demand exceeds supply, especially for higher-priced homes. This suggests that wealthy buyers are Make an offer, probably assuming they have the opportunity to refinance in a few years.
Although sales have stagnated, home prices have continued to grow, with the median price of an existing home reaching $407,600, up 5.7% from last year and hitting a record high in April, although Yun expects prices to cool as inventory increases on the market.
“House prices hit a record high in April, which is good news for homeowners,” Yun said. “However, as more housing inventory is being added, the pace of price increases should gradually slow.”
Home sales fell in every major region of the United States on a monthly and annual basis, with the exception of the West, where sales increased 1.3% annually to 760,000 units, down 2.6% from the previous month.
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