The housing market remained soft in April, a new report by the National Association of Realtors (NAR) shows. Sales of existing homes — previously occupied properties, rather than newly built homes — resumed their long downward slide. The number of sales in April was off 3.4% from last month and 23.2% compared to April 2022.
“The combination of job gains, limited inventory and fluctuating mortgage rates over the last several months have created an environment of push-pull housing demand,” NAR chief economist Lawrence Yun said in a statement.
Home prices, meanwhile, were up from March but down 1.7% from April 2022. It was the largest year-over-year decline in home prices since January 2012, Yun said.
