US housing sales declined 0.5% from March to April and fell 2% compared to last year, with a seasonally adjusted rate of 4 million homes sold, according to the National Association of Realtors. Median home prices rose 1.8% year-over-year to $414,000, its record high for April.
However, average days on market increased to 29 from 26, partly due to higher borrowing costs. The average 30-year fixed-rate mortgage now stands at 6.86%, the highest rate since mid-February, according to Freddie Mac.
Inventory is rising after years of short supply, giving buyers more options. However, it remains below a healthy balance of four-to-seven months’ worth of inventory. At current sales pace, it would take 4.4 months to exhaust the existing home inventory.
The housing market shows signs of stability but not the same level of activity seen in recent years.
Source: https://www.axios.com/2025/05/22/home-sales-cool-april-mortgage-rates