U.S. existing-home sales fell 3.6% month-over-month and 1.0% year-over-year to a seasonally adjusted annual rate of 3.98 million, according to the National Association of REALTORS® (NAR), as tight supply and ongoing affordability challenges constrained activity. Sales declined month-over-month in all four regions. Year-over-year, sales increased in the South and West but fell in the Midwest and Northeast.

Closed Sales increased 2.5 percent for Existing Homes homes and 7.6 percent for New Construction homes. Pending Sales decreased 4.9 percent for Existing Homes homes but increased 10.9 percent for New Construction homes. Inventory decreased 4.6 percent for Existing Homes homes but increased 1.4 percent for New Construction homes.

Median Sales Price increased 6.5 percent to $315,000 for Existing Homes homes and 10.9 percent to $543,500 for New Construction homes. Days on Market increased 11.8 percent for Existing Homes homes and 6.2 percent for New Construction homes. Months Supply of Inventory decreased 8.7 percent for Existing Homes homes and 3.8 percent for New Construction homes.

Nationally, the median existing-home price rose 1.4% from a year earlier to $408,800, marking the 33rd consecutive month of year-over-year price increases as limited inventory continued to put upward pressure on prices, NAR said. There were 1.36 million homes for sale heading into April, up 2.3% from a year earlier, representing a 4.1-month supply at the current sales pace.

*Information courtesy of HMLS and KCRAR