Existing-home sales receded in April, according to the National Association of Realtors^®. All four major U.S. regions posted month-over-month declines. Year-over-year, sales decreased in the Northeast, Midwest and South but increased in the West.

Total existing-home sales^[i] – completed transactions that include single-family homes, townhomes, condominiums and co-ops – slid 1.9% from March to a seasonally adjusted annual rate of 4.14 million in April. Year-over-year, sales fell 1.9% (down from 4.22 million in April 2023).

“Home sales changed little overall, but the upper-end market is experiencing a sizable gain due to more supply coming onto the market,” said NAR Chief Economist Lawrence Yun.

Total housing inventory^[ii] registered at the end of April was 1.21 million units, up 9% from March and 16.3% from one year ago (1.04 million). Unsold inventory sits at a 3.5-month supply at the current sales pace, up from 3.2 months in March and 3.0 months in April 2023. For homes priced $1 million or more, inventory and sales increased by 34% and 40%, respectively, from a year ago.

The median existing-home price^[iii] for all housing types in April was $407,600, an increase of 5.7% from the previous year ($385,800). All four U.S. regions registered price gains.

“Home prices reaching a record high for the month of April is very good news for homeowners,” Yun added. “However, the pace of price increases should taper off since more housing inventory is becoming available.”

REALTORS^® Confidence Index

According to the monthly REALTORS^® Confidence Index, properties typically remained on the market for 26 days in April, down from 33 days in March but up from 22 days in April 2023.

First-time buyers were responsible for 33% of sales in April, up from 32% in March and 29% in April 2023. NAR’s 2023 Profile of Home Buyers and Sellers – released in November 2023^[iv] – found that the annual share of first-time buyers was 32%.

All-cash sales accounted for 28% of transactions in April, identical to March and one year ago.

Individual investors or second-home buyers, who make up many cash sales, purchased 16% of homes in April, up from 15% in March but down from 17% in April 2023.

Distressed sales^[v] – foreclosures and short sales – represented 2% of sales in April, virtually unchanged from last month and the prior year.

Mortgage Rates

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 7.02% as of May 16. That’s down from 7.09% the previous week but up from 6.39% one year ago.

Single-family and Condo/Co-op Sales

Single-family home sales decreased to a seasonally adjusted annual rate of 3.74 million in April, down 2.1% from 3.82 million in March and 1.3% from the prior year. The median existing single-family home price was $412,100 in April, up 5.6% from April 2023.

At a seasonally adjusted annual rate of 400,000 units in April, existing condominium and co-op sales were unchanged from last month and down 7% from one year ago (430,000 units). The median existing condo price was $365,300 in April, up 5.4% from the previous year ($346,700).

Regional Breakdown

Existing-home sales in the Northeast waned 4% from March to an annual rate of 480,000 in April, a decline of 4% from April 2023. The median price in the Northeast was $458,500, up 8.5% from the previous year.

In the Midwest, existing-home sales slipped 1% from one month ago to an annual rate of 1 million in April, down 1% from one year ago. The median price in the Midwest was $303,600, up 6% from April 2023.

Existing-home sales in the South descended 1.6% from March to an annual rate of 1.9 million in April, down 3.1% from the prior year. The median price in the South was $366,200, up 3.7% from last year.

In the West, existing-home sales retracted 2.6% from a month ago to an annual rate of 760,000 in April, an increase of 1.3% from one year before. The median price in the West was $629,600, up 9.3% from April 2023.

^[i] Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR benchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.

Existing-home sales, based on closings, differ from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90% of total home sales, are based on a much larger data sample – about 40% of multiple listing service data each month – and typically are not subject to large prior-month revisions.

              The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

              Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

^[ii] Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90% of transactions and condos were measured only on a quarterly basis).

^[iii] The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.

The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR’s quarterly metro area price reports.

^[iv] Survey results represent owner-occupants and differ from separately reported monthly findings from NAR’s REALTORS^® Confidence Index, which include all types of buyers. The annual study only represents primary residence purchases, and does not include investor and vacation home buyers. Results include both new and existing homes.

^[v] Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR’s REALTORS^® Confidence Index, posted at nar.realtor.

Awareness about emotional and mental health challenges is crucial for reducing the stigma involved. Many professionals, including realtors, secretly struggle with depression, anxiety and a host of other issues. The stress and pressure in the real estate industry can amplify these problems.

Fluctuations in market conditions, for instance, can contribute to the stress realtors face. Overdoing it in sales or even not having the proper focus to drive sales can result in burnout. Deals that fail or clients who are unsatisfied can impact realtors’ sense of self. Self esteem and resilience are needed in the field to succeed. Setbacks are a big part of real estate. Overcoming them is expected and almost necessary to excel. 

Furthermore, real estate agents often work independently, which can lead to feelings of isolation. Loneliness is a real thing. It can negatively impact day-to-day job demands. To make matters worse, dealing with unhappy or insatiable clients can be taxing. Buying a new property is an incredibly demanding experience and if you can’t deal with your own emotional challenges, how can you possibly handle that of your clients and prospects. It can certainly take a toll.

Finally, realtors are faced with long hours and irregular schedules. This can take a big toll on their physical well-being, which then can impact mental well-being and enthusiasm to persevere. Lack of sleep, inconsistent family time and time to regroup will leave anyone feeling burned out.

SOLUTIONS

Learning to set boundaries is a huge skill worth learning. Real estate advisors can feel better by seeking support from colleagues and mentors and saying no to overdoing tasks. Having a quiet time-out for regular meditation can work wonders too. Knowing what works best for you will be an individual discovery process. We are all different. Pay attention to what you need – is it to socialize more or to get in extra quiet time? We all recharge our batteries differently. Brokers should create a supportive work environment that emphasizes open communication. Those who speak openly about mental health challenges can make a huge positive impact on realtors and their team.

It is crucial for realtors and brokers to prioritize their mental health by practicing physical self care. Going to the gym or doing a physical activity that one enjoys can make a huge difference! Exercise releases feel good hormones (endorphins)! It is the best natural anti-depressant in the world. If the sun is out, taking an hour long walk in the morning is powerful. It also regulates sleep. Grounding is an activity that involves walking on the earth for at least 10-15 minutes each morning. It resets our circadian rhythm. It can be done right now during these warmer months ahead!

Mental health challenges are nothing to be embarrassed about. Additional tips for realtors to support their own well-being include: 1. Establishing boundaries between work and personal life to prevent exhaustion, 2. Managing stress by identifying specific stressors like time management and delegating tasks, 3. Setting attainable goals by breaking things down to smaller, more manageable tasks. Feel good about doing the small things and keep track of your own progress. Finally, if the struggles are just too much, seek professional help. Therapy is nothing to feel bad about. It can support and improve your overall well-being. This is why such professionals exist. Therapists, too, rely on other therapists.