A for cell sign is displayed near a house on April 24, 2025 in Austin, Texas.
Brandon Bell | Getty Image News | Getty images
According to the National Association of Realters, the sales of already owned houses have reduced greatly, from April to 0.8%, adjusted with a seasonal, at an annual rate of 4.03 million units.
Housing analysts predicted a decline of 1%. The sales were 0.7% lower than the previous year.
The sales were the strongest in the Northeast, which was 4.2% month-to-month. They also increased to midwests and south, but they fell 5.4%in the west. According to NAR, West is the most expensive region in the country.
The calculation is based on closure, so contracts were signed in March and April. The average rate on the 30-year fixed hostage was stable in March, but then shot high, More than 7% in April.
NAR chief economist, Lawrence Yun said in a release, “Sales in relatively subordinates are largely due to high mortgage rates. Low interest rates will attract more buyers and sellers to the housing market.” “If there is a decrease in the hostage rate in the second half of this year, it is expected that there will be an increase in strong income in home sales across the country, healthy inventory and record-high number will increase due to jobs.”
A major leap in the supply of homes for sale was likely to be behind the small profit in sales from April. In the end of May, 1.54 million units were available, which is more than 20% from May last year. At the current sales speed, which represents a supply of 4.6 months, which is still historically towards light.
And this is why there is still pressure on prices. The average price of the current house sold in May was $ 422,800, which was 1.3% year -on -year. This is a record high for the month of May.
The demand relative to the supply is still strong; As a result, 28% of homes were sold above the list price, which was above 18% last month, but slightly below 30% in May 2024.
The sales have been strong at the high end of the market, as there is more supply, but fell into a $ 1 million-plus range compared to a year ago. The NAR stated that the only price limit was in the range of $ 750,000 to $ 1 million, with a relatively small growth of 1%.
“The upper end market is not showing any difference compared to other price points. For the last 20 months we have seen the outper end, but now it’s not,” Yun said, suggesting that this stock could have a residual effect of market volatility when Tariff was first declared in April.
It takes longer to sell houses at 27 days vs. 24 a year ago. Only 30% of the buyers were the first timer, which were below 31% last year and were still quite low, and all had 27% of the transactions, which had already increased earlier.
