Sales of previously occupied U.S. homes slowed for the third consecutive month in April as mortgage rates surged, driving up borrowing costs for would-be buyers as home prices soared to new highs.
FILE - A for sale sign is displayed outside a home in Mount Lebanon, Pa., on Tuesday, Sept. 21, 2021. Sales of previously occupied U.S. homes slowed in March 2022, to the slowest pace in nearly two years as a swift rise in mortgage rates and record-high prices discouraged would-be homebuyers. The National Association of Realtors said Wednesday, April 20, 2022, that existing home sales fell 2.7% last month from February to a seasonally adjusted annual rate of 5.77 million.
The median home price in April jumped 14.8% from a year ago at this time to $391,200. That’s an all-time high according to data going back to 1999, NAR said. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate slipped to 5.25% this week from 5.3% last week. A year ago, the average rate stood at 3%.
For now, the housing market continues to favor sellers as buyers vie for a still tight inventory of homes for sale, which has kept pushing up home prices. Even as sales slowed last month, it was common for homes on the market to receive multiple offers. On average, homes sold in just 17 days of hitting the market last month, unchanged from March or April last year. In a market that’s more evenly balanced between buyers and sellers, homes typically remain on the market 45 days.As is typical in the spring, the number of homes on the market increased in April from the previous month. Some 1.03 million properties were available for sale by the end of April, up 10.8% from March, but down 10.4% from April last year.
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