Current Market Data
The rate of new single-family home sales fell 16.6% from March’s revised number, while the median sales price jumped to $450,600 from March’s revised median house price of $435,000.
The inventory of unsold homes increased in April, while the median existing-home sales price rose, according to the National Association of REALTORS®.
“Builders are responding to higher mortgage rates and are chasing rising rents, with fewer homebuyers and more renters being forced to renew their leases.” — NAR Chief Economist Lawrence Yun
The release of the monthly survey from the National Association of Home Builders comes as the Biden Administration unveiled a housing-supply action plan that aims to boost the supply of affordable apartments and new homes.
Despite the drop in demand, homes are selling faster than ever.
Despite a slow start to the spring homebuying season, prospective buyers are showing some resiliency in the face of higher mortgage rates, as seen by two weeks in a row of increasing loan applications.
Homes are selling at record-breaking speed.
Seventy percent of the 185 metros surveyed by the National Association of REALTORS® saw double-digit price gains in the first quarter, compared to 66% in the preceding period.
Overall mortgage-application volume was at its lowest level since 2018, the Mortgage Bankers Association said.
Low inventory and rising interest rates have reduced prospective homebuyer purchasing power.