The nation’s spring housing market appeared lackluster as April’s existing home sales showed little growth, according to the National Association of Realtors (NAR),
A May 11 Existing Home Sales report from NAR shows that sales of existing homes in April inched up by 0.2 percent from the previous month, to a seasonally adjusted annual rate of 4.02 million. Although the sales number missed market expectations of 4.05 million, it marks a reversal from March, when sales decreased 3.6 percent month over month to 3.98 million.
Year over year, sales saw no growth in April.
NAR chief economist Lawrence Yun said continued improvement in affordability boosted April home sales.
“Mortgage rates are lower from a year ago, and average income growth is outpacing home price gains,” he said in the report.
Citing data from Freddie Mac, NAR noted that the average 30-year, fixed-rate mortgage in April was 6.33 percent—a slight uptick from 6.18 percent in March, but down from 6.73 percent in April 2025.
However, Bankrate senior economic analyst Mark Hamrick said the April sales numbers did not show much “spring” in the spring home sales season, which roughly runs from March through June, with activity peaking in April and May.
“The spring home selling season has run into an Iran War oil slick with the pop in mortgage rates stemming from inflation pressures, weighing on sales,” he said in a note sent to The Epoch Times. “Mortgage rates have remained somewhat elevated after sinking to 6.09 percent for the 30-year fixed in mid-February, according to Bankrate’s weekly survey of lenders.”
Both the Midwest and South experienced month-over-month sales increases, while sales in the Northeast remained unchanged, but declined in the West, according to the NAR report. Year over year, the South was the winner in sales growth, while sales were flat in the West and declined in both the Northeast and Midwest.
Home prices continued to rise. The report shows that the median sales price in April was $417,700 for all housing types, up by a slight 0.9 percent year over year and marking the 34th consecutive month of annual price increases.
The West commanded the highest median sales price at $619,600—a decline of just 1.4 percent from April 2025. The Northeast saw median home prices rise 4.8 percent from last year to $510,800. In the South, median prices saw a 0.4 percent uptick from last April to $366,600, while Midwest home prices grew 3.6 percent from last year to $324,500.
“While the West is seeing some price softening that helps entry-level buyers, the South continues to be the nation’s home sales engine,” Hamrick noted.
Unsold inventory also improved, rising 5.8 percent from March to a 4.4-month supply in April. Nationwide, 1.47 million units were available for purchase, up from a 4.2-month supply in March and 4.3 months a year earlier.
Yun said inventory remained tight in April.
“Multiple offers, though not as intense as a few years ago, are still occurring,” he said. “At the same time, days on market are lengthening on average, implying that consumers are taking their time before making decisions.”