U.S. existing-home sales decreased 5.9% month-over-month and 2.4% year-over-year to a seasonally adjusted annual rate of 4.02 million units, according to the National Association of REALTORS® (NAR), as affordability challenges and economic uncertainty weigh on market activity. Sales were down monthover-month in all four regions, with the West experiencing the largest decline, at 9.4%.

Closed Sales decreased 1.0 percent for existing homes but increased 2.8
percent for new homes. Pending Sales decreased 2.4 percent for existing
homes and 14.0 percent for new homes. Inventory increased 13.5 percent for
existing homes but decreased 5.2 percent for new homes.

The Median Sales Price was up 3.9 percent to $296,000 for existing homes
but decreased 9.2 percent to $489,925 for new homes. Days on Market
increased 9.7 percent for existing homes but decreased 17.4 percent for new
homes. Supply increased 16.7 percent for existing homes but increased 7.3
percent for new homes.

Total housing inventory increased 8.1% month-over-month for a total of 1.33
million units heading into April, equivalent to a 4.0-month supply at the current
sales pace, according to NAR. Although inventory is up nearly 20% from the
same time last year, the additional supply has had little effect on home prices
across much of the country, with the national median existing-home price
climbing 2.7% year-over-year to $403,700 as of last measure.