US Home Sales Dip in April, Showing Mixed Market Dynamics

Sales of previously owned homes in the United States dropped by 3.4% in April than in March and 23.2% lower than in 2022. Factors such as job gains, limited inventory, and fluctuating mortgage rates have contributed to a push-pull effect on housing demand. The median price of existing homes sold in April was $388,800, indicating a 1.7% decrease from the previous April. Sales declined across all price points compared to April 2022, with the sharpest drop observed for homes priced above $500,000. This decline is likely driven by affordability rather than supply, as more homes are available for sale in the higher-end market.