US Existing Home Sales Flat at 4.02M in April

Sales of previously occupied homes in the United States showed virtually no change in April, reaching a seasonally adjusted annual rate of 4.02 million units, the National Association of Realtors reported Monday.

The figure marked a slight 0.2 percent increase from March but remained flat compared with April last year. It also fell below economists' expectations of about 4.12 million units, according to FactSet. Sales have lingered near a 4 million annual pace since 2023, well below the historical average of roughly 5.2 million units.

The median sales price rose 0.9 percent from a year earlier to $417,700, setting an all-time high for any April in data dating back to 1999, NAR said. Home prices have increased on an annual basis for 34 consecutive months.

The housing market has struggled since 2022, when mortgage rates began rising from pandemic-era lows. Last year, existing home sales hit a 30-year low and stayed essentially flat. This year, activity declined in the first three months compared with the prior year, continuing the sluggish trend into what is typically the busiest spring buying season.

"This spring homebuying season, so far all the way through April, we can say we...