Economic Buzz: US existing home sale see further downside in April

Existing home sales in the U.S. unexpectedly saw further downside in the month of April, according to a report released by the National Association of Realtors on Thursday.

NAR said existing home sales fell by 0.5 percent to an annual rate of 4.00 million in April after plunging by 5.9 percent to a rate of 4.02 million in March.

The report said housing inventory at the end of April totaled 1.45 million units, up 9.0 percent from 1.33 million units at the end of March and up 20.8 percent from 1.20 million units a year ago.

The unsold inventory represents 4.4 months of supply at the current sales pace, up from 4.0 months in March and 3.5 months in April 2024.

The median existing home price was $414,000 in April, up 1.8 percent from $406,600 in the same month a year ago.

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