Existing home sales declined 1.9% in April to a seasonally adjusted annual rate of 4.14 million units.
First-time buyers made up 33% of April's home sales, slightly higher than the previous year's share.
The median price of an existing home sold in April reached a record high of $407,600, an increase of 5.7% from the previous year.
The Northeast, Midwest, South, and West regions all experienced a decrease in sales from the previous month and year.
Total housing inventory increased by 9% from March and 16.3% from one year ago, resulting in a 3.5-month supply at the current sales pace.
In the midst of rising mortgage rates, existing home sales fell 1.9% in April to a seasonally adjusted annual rate of 4.14 million units, according to the National Association of Realtors. Despite the drop in home sales, there are signs that the market is stabilizing as more housing inventory becomes available. The total housing inventory at the end of April was 1.21 million units, up 9% from March and 16.3% from one year ago, resulting in a 3.5-month supply at the current sales pace.
The median price of an existing home sold in April reached a record high of $407,600, an increase of 5.7% from the previous year. The surge in prices is attributed to the limited supply and strong demand for homes priced above $1 million, which saw a 34% year-over-year increase in sales. In contrast, homes priced below $100,000 experienced a 7.1% decrease in sales from the previous year.
First-time buyers made up 33% of April's home sales, slightly higher than the previous year's share. The all-cash share remained relatively high at 28% of all transactions. The Northeast, Midwest, South, and West regions all experienced a decrease in sales from the previous month and year. However, prices continued to rise across all regions.
The housing market is expected to remain competitive as more inventory becomes available. Homeowners are benefiting from the high demand and record-high prices for homes, while potential homebuyers face challenges with mortgage rates and limited supply.
Sales of homes priced above $1 million were up 34% year over year in the supply of homes priced at more than $1 million
Sales of homes priced below $100,000 fell 7.1% year over year while sales of those priced over $1 million jumped 40%
The median price of an existing home sold in April was $407,600, an increase of 5.7% year over year and the highest price ever for the month of April
Accuracy
No Contradictions at Time
Of
Publication
Deception
(85%)
The article contains selective reporting and emotional manipulation. The author focuses on the unexpected decrease in home sales while ignoring the significant increase in housing inventory and the record high median price of existing homes. The author also uses emotive language to describe home prices reaching a record high as 'very good news for homeowners'.
Home prices reaching a record high for the month of April is very good news for homeowners.
The pace of price increases should taper off since more housing inventory is becoming available.
Sales of previously owned homes fell 1.9% in April from March to 4.14 million units, on a seasonally adjusted annualized basis, according to the National Association of Realtors.
Median sales price for existing homes is $408,000, an increase of 5.7% over the last year.
First-time buyers accounted for the largest share (33%) of sales in April.
Accuracy
Existing home sales decreased by 1.9% in April to a seasonally adjusted annual rate of 4.14 million units.
Inventory has increased to 1.2 million units, the highest level since October 2021.
Deception
(80%)
The article by Brad Smith contains selective reporting and emotional manipulation. The author focuses on the 1.9% decrease in existing home sales and the increase in inventory, while omitting the fact that sales are still higher than they were before the pandemic. He also uses phrases like 'higher mortgage rates' and 'lofty price tags' to evoke an emotional response from readers. Additionally, he mentions that first-time buyers took a larger share of sales in April without providing any context as to why this is significant.
The housing market this morning Sales of previously owned homes fell in the month of April as homeowners continue to face pressures of higher mortgage rates and rising prices.
From that cohort and extremely important to the home buying situation.
Fallacies
(85%)
The article contains several informal fallacies and appeals to authority. It also presents dichotomous depictions of the housing market.
. . . sales of previously owned homes dropped 1.9% in April . . .
Existing home sales fell 1.9% in April to a seasonally adjusted annual rate of 4.14 million units (source: <https://www.bloomberg.com/news/articles/2024-05-22/us-existing-home-sales-unexpectedly-fall-as-prices-stay-high>)
Median sales price for existing homes is $408,000, an increase of 5.7% over the last year (source: <https://finance.yahoo.com/video/existing-homes-sales-signal-homebuying-155651411.html>)
Accuracy
Sales of homes priced below $100,000 fell 7.1% year over year, while sales of those priced over $1 million jumped 40% (CNBC)
Median rent price for apartments fell to $1700 in April (Yahoo Finance)
