Economy: Existing Home Sales During April 2020

The Existing Home Sales report for April 2020 was released by The National Association of Realtors® (NAR®) this morning:

Predicted: 4,325,000
Actual: 4,330,000

Change from Previous Month: -17.837% (-940,000 homes)
Change from One Year Previous: -17.208% (-900,000 homes)

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Inventory: 1,470,000 (4.1 months supply)

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The yellow-highlighted, "actual" figure above represents the preliminary, seasonally adjusted annualized sales count of existing homes, co-ops and condominiums for the indicated month. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

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Median Price for A Used Home During April 2020: $286,800

Change from One Year Previous: +7.416% (+$19,800)

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Average Price for A Used Home During April 2020: $321,500

Change from One Year Previous: +5.41% (+$16,500)

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Click here for historical prices and a chart.

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From Today's Report:

"...Existing-home sales dropped in April, continuing what is now a two-month skid in sales brought on by the coronavirus pandemic, according to the National Association of Realtors®. Each of the four major regions experienced a decline in month-over-month and year-over-year sales, with the West seeing the greatest dip in both categories.

'The economic lockdowns – occurring from mid-March through April in most states – have temporarily disrupted home sales,' said Lawrence Yun, NAR’s chief economist. 'But the listings that are on the market are still attracting buyers and boosting home prices.'

April’s existing-home sales are the lowest level of sales since July 2010 (3.45 million) and the largest month-over-month drop since July 2010 (-22.5%.)

April’s national price increase marks 98 straight months of year-over-year gains.

'Record-low mortgage rates are likely to remain in place for the rest of the year, and will be the key factor driving housing demand as state economies steadily reopen,' Yun said. 'Still, more listings and increased home construction will be needed to tame price growth.'

Properties typically remained on the market for 27 days in April, seasonally down from 29 days in March, but up from 24 days in April 2019. Fifty-six percent of homes sold in April 2020 were on the market for less than a month.

While virtually every sector of the American economy has been hit hard by this pandemic, our nation’s 1.4 million Realtors® have continued to show an undying commitment to their profession, their clients and America’s real estate industry,' said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, Calif.

'As we find during any time of crisis, we have a tremendous opportunity to evolve and emerge stronger and more efficient,' Malta continued. 'Having renewed our focus on new, innovative ways to serve American consumers, I am confident the real estate sector and our nation’s Realtors® are uniquely positioned to lead America’s economic recovery.'..."