U.S. Existing Home Sales Rebound Much Less Than Expected In April

(RTTNews) - After reporting a sharp pullback by U.S. existing home sales in the previous month, the National Association of Realtors released a report on Monday showing existing home sales rebounded by much less than expected in the month of April.

NAR said existing home sales crept up by 0.2 percent to an annual rate of 4.02 million in April after plunging by 2.9 percent to a revised rate of 4.01 million in March.

Economists had expected existing home sales to jump by 1.8 percent to an annual rate of 4.05 million in April from the 3.98 million originally reported for the previous month.

The much smaller than expected increase came a month after existing home sales slumped to their lowest level in nine months.

"Despite mixed macroeconomic signals—including a record-high stock market and historically low consumer confidence—home sales were modestly boosted by the continued improvement in housing affordability," said NAR Chief Economist Dr. Lawrence Yun.

He added, "Mortgage rates are lower from a year ago, and average income growth is outpacing home price gains."

The uptick in existing home sales partly reflected strength in the Midwest, where existing home sales surged by 2.2 percent.

Existing home sales in the South also climbed by 0.5 percent, while existing home sales in the Northeast were unchanged and existing home sales in the West tumbled by 2.6 percent.

The report also said housing inventory at the end of April totaled 1.47 million units, up 5.8 percent from 1.39 million in March and up 1.4 percent from 1.45 million units a year ago.

The unsold inventory represents 4.4 months of supply at the current sales pace, up from 4.2 months in March and 4.3 months in April 2025.

NAR also said the median existing home price was $417,700 in April, up 2.1 percent from $409,100 in March and up 0.9 percent from $414,000 a year ago.

"Multiple offers, though not as intense as a few years ago, are still occurring," said Yun. "At the same time, days on market are lengthening on average, implying that consumers are taking their time before making decisions."

Last Tuesday, the Commerce Department released a separate report showing a substantial increase in new home sales in the U.S. in the month of March

The report said new home sales spiked by 7.4 percent to an annual rate of 682,000 in March after soaring by 8.9 percent to an annual rate of 635,000 in February. Economists had expected new home sales to come in at an annual rate of 668,000.