US Home Sales Down 3rd Month In Row Due To Tight Supply - National Association Of Realtors

US Home Sales Down 3rd Month in Row Due to Tight Supply - National Association of Realtors

Existing-home sales in the United States slowed by 2.7 percent in April for a third straight monthly decline as fewer houses came on the market to match demand that remained up double-digits for the year despite record high prices, the National Association of Realtors (NAR) said on Tuesday

WASHINGTON (Pakistan Point News / Sputnik - 22nd June, 2021) Existing-home sales in the United States slowed by 2.7 percent in April for a third straight monthly decline as fewer houses came on the market to match demand that remained up double-digits for the year despite record high prices, the National Association of Realtors (NAR) said on Tuesday.

"Home sales were down again in April from the prior month, as housing supply continues to fall short of demand," NAR Chief Economist Lawrence Yun said also noting a 34 percent increase in demand from last year. "We'll see more inventory come to the market later this year as further COVID-19 vaccinations are administered and potential home sellers become more comfortable listing and showing their homes."

NAR reported that the total housing inventory at the end of April amounted to 1.16 million units, up 10.5 percent from March's inventory but down 20.5 percent from a year ago.

"The additional supply projected for the market should cool down the torrid pace of price appreciation later in the year," Yun said.

The median existing-home price for all housing types in April was at a record high $341,600, up 19.1 percent from the April 2020 median of $286,800, as every US region recorded increases, he said.

The housing market is the cornerstone of the US economy and accounts for nearly 15 percent of GDP. US house prices have increased every year for nearly ten years and appreciated even during the height of the novel coronavirus pandemic in 2020.