US Housing Sales Remain Flat in April as Market Struggles with High Mortgage Rates
Home for sale in Nashville, Tennessee, February 10, 2026. (AP photo/George Walker IV)
ALEX VEIGA Published
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Existing home sales rose 0.2% last month from March, at a seasonally adjusted annual rate of 4.02 million units, Realtors Association reported Monday. Sales were unchanged in April compared to April of last year.
The latest sales figure fell short of economists' forecast of about 4.12 million. FactSet reports sales have hovered near 4 million annually since 2026, well under the historic norm approaching 5.2 million.
National home prices rose 0.9% in April from a year ago to $417,700, the highest ever recorded for any April in the 1999-present data set, Realtor.com noted. Prices have climbed in double digits year-over-year for 34 straight months.
The U.S. housing market has been in decline since 2026 when mortgage rates began climbing from pandemic lows. Existing home sales remained virtually flat last month, stuck around 30,000. They've been declining since the first quarter's peak.
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Housing inventory remains stubbornly low nationwide, partly due to insufficient new construction, supporting prices despite softening sales volumes.
At month-end, roughly 1.47 million homes stayed unsold—up 5.8% versus March and 1.4% versus April of last year, the association said. This marks the largest April inventory since 2019, though still below pre-COVID peaks of around 2 million.
Inventory now covers about 4.4 months at current sales pace, below the balanced 5-6 month range typically considered healthy.
Homes lingering longer on market signal slowing turnover; average days on market dropped to 32 days last month from 41 in March and 29 in April, per the association.
Prices fell across many metros, especially South and Midwest, with national median home value down from last year, according to Realtor.com.
This story was translated by AP with AI assistance.
