From Yahoo Finance: 2025-05-22 10:06:00

Sales of previously owned U.S. homes dropped 0.5% in April to a rate of 4 million units, the slowest pace for the month since 2009. Sales were down 2% compared to April last year, falling short of economists’ expectations. The national median sales price rose to an all-time high of $414,000.

The housing market is hurting due to higher mortgage rates impacting affordability. For three years, sales have been at 75% of pre-pandemic levels. The average rate on a 30-year mortgage is holding steady around 6.86%, affecting buyers’ purchasing power. Last year saw the lowest home sales level in nearly 30 years.

Many Americans are priced out of homeownership as median home prices have surged 53% in the past six years. High mortgage rates, freezing out potential buyers, have resulted in more homes on the market. The 1.45 million unsold homes in April is the most since September 2020, but still below pre-pandemic levels.

The increased inventory of homes is due to longer selling times, with homes staying on the market for 29 days last month, up from 26 days in April last year. First-time homebuyers represented 34% of sales, the highest since July 2020. Cash buyers accounted for 25% of sales, down from 28% last year.



Read more at Yahoo Finance: April home sales slow with high mortgage rates, prices, putting chill into spring buying season