From reading and watching the national news you would think the real estate market nationally is crashing; but here’s the truth from NAR’s existing home sales report for April—
- Sales were down 2.4% in April from March to an annualized pace of 5.61 million sales.
- Year over year sales are down a “whopping” 5.9%. I believe this is really strong when you consider the home price and mortgage rate increases.
- Inventory increased 10% in the month of April to 1.03 million existing homes for sale. But, this inventory level is down 10% from last April.
- This number was nearly 4 million when the housing crash started 15 years ago.
- There is now 2.2 months of supply of homes for sale. This number was > 10 months 15 years ago.
- The median sales price is $391k up 15% year over year.