“The data reinforces that the average price of a home is out of reach for most looking to enter the market, and with rising interest/mortgage rates, it’s just gonna keep getting tougher,” said David Auerbach, managing director of Armada ETF Advisors.
On the brighter side, total housing inventory improved 10.8% month over month to 1.03 million units at the end of April. Unsold inventory also increased, up from a 1.9-month supply in March to a 2.2-month supply at the current sales pace.
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“Housing supply has started to improve, albeit at an extremely sluggish pace,” Yun said. “The market is quite unusual as sales are coming down, but listed homes are still selling swiftly, and home prices are much higher than a year ago.”
The median existing-home price for all housing types was $391,200, up 14.8% from April 2021. Properties typically remain on the market for 17 days, with 88% of homes sold staying on the market for less than a month.