• April existing home sales fell 2.3 percent from March but rose 1.6 percent from a year ago, to 5.57 million units SAAR, according to the National Association of Realtors.
• Inventory of existing homes for sale was down 9 percent from a year ago, the 23rd month in a row of annual inventory declines. Sold homes spent a median of just 29 days on market last month.
• High demand and limited inventory again pushed the median price of existing homes up, to a seasonally adjusted $244,450, a 5.9 percent bump from a year ago and a new all-time high.

The April existing home sales report adds fuel to a fire we know has been burning for several years now: Home buying demand is incredibly high, and the supply of homes to buy is incredibly low, which serves to push prices up and only piles on the frustration for buyers struggling to find an appropriate home at the right price. Taken with yesterday’s lackluster new home sales report, it’s very likely even more buyers were pushed to consider existing homes last month, only adding to the pressure on buyers. Homeowners that don’t have to list their homes for sale are probably reluctant to do so and then have to become buyers in this environment, but those that do will find themselves with ample offers on their properties and quick list-to-contract times — the median existing home sold last month was only on the market for 29 days. For patient buyers willing to endure the competition and frustration, conditions may ease somewhat in a few months as owners of those listings leftover from the spring season get antsy for a sale and consider price cuts towards the end of the summer. But in reality, these conditions — tight inventory, high demand and rising prices — look to be with us for a while to come, and buyers should get used to this new normal.