US Existing Home Sales Stagnate as Supply Hits Decade Highs

According to the National Association of Realtors, April saw existing single-family home sales remain unchanged at an annual rate of 3.64 million, marking a prolonged stagnation lasting three and a half years. Supply increased to 4.4 months, the highest for April since 2016. Meanwhile, condo and co-op sales rose to 380,000, but March's supply was adjusted to 6.0 months, the highest since 2012. The national median price for single-family homes increased by 1.0% year-over-year, with stark local variations: New Orleans experienced a 20% decline, while New York City saw a 5.3% increase. In cities like Oakland, CA, condo prices plummeted by 31%, and Manhattan experienced a 17% drop. As of May 7, the average 30-year fixed mortgage rate rose to 6.37%, following a brief dip below 6% in late February. Regional sales showed mixed results: the South increased by 0.5%, the Northeast remained at a record low, the West decreased by 2.6%, and the Midwest grew by 2.2%.