• 5.61 million existing homes were sold in April (SAAR), down 2.4% from March and down 5.9% from April 2021, according to the National Association of Realtors (NAR).
• Total housing inventory at the end of April amounted to 1,030,000 units, NAR said, up 10.8% from March and down 10.4% from one year ago.
• The median existing-home price for all housing types in April was $391,200, up 14.8% from April 2021.

Tight inventory and decade-high interest rates were likely weighing on the minds of prospective buyers in April. An already challenging market featuring limited inventory and record price growth has been made even more unfavorable for home buyers with a historic rise in interest rates. Despite the challenges, buyers are still out in force and the market is as competitive as ever. Homes that went pending in April did so at a record pace and the most recent data suggest a majority of homes are selling above their final asking price. However, there’s likely going to be some rebalancing in the months ahead as more sellers show they cannot be quite as ambitious in their pricing strategy – there’s been a recent rise in the share of listings with a price cut – and as more inventory comes onto the market, climbing back from a record low this winter. Both would be welcome signs to prospective buyers looking for a more level playing field.