WASHINGTON — Home resales fell by 2.5% in April to an annual rate of 5.46 million, below expectations for a small decline to a 5.58 million pace, data released by the National Association of Realtors reported Thursday showed.
March sales were unrevised at a 5.60 million rate. First quarter sales average 5.51 million, the same as in all of 2017, so the April sales pace is slightly behind.
NAR Chief Economist Lawrence Yun told reporters that home sales remain in a tight range and that supply concerns remain. He noted that rising home prices and mortgage rates have created affordability issues that are not likely to improve with further rate hikes.
The number of housing units available for sale rose 9.8% in April to a total of 1.80 million houses to start the spring selling season, but supply was still down 6.3% from a year earlier. The months supply rose to 4.0 months in April from 3.5 months in March, but was down from 4.2 months a year ago, making a tight supply condition even tighter.
As a result, April's national median price of $257,900 was up 5.3% from a year earlier.
Sales declined in three of the four regions and were flat in the Midwest.
