Existing-home sales were mostly stuck in place in April, despite what’s typically a busy spring real estate season. The number of For Sale signs in the existing-home market remains relatively subdued, prompting more buyers to turn to new-home construction, where sales activity lately has been more robust.
Existing-home sales—which includes single-family homes, townhomes, condos and co-ops—eked out a 0.2% increase in April compared to March and posted essentially no change when compared to a year ago, the National Association of REALTORS® reported Monday. Modest sales increases in the Midwest and South were offset by virtually stagnant sales in the Northeast and West.
The market is sending “mixed macroeconomic signals,” says Lawrence Yun, NAR’s chief economist. A record-high stock market combined with historically low consumer confidence is translating into a mixed picture for home buyers and sellers this spring.
Housing Affordability Is Improving
With mortgage rates continuing to track lower than a year ago (averaging 6.33% for April) and wages rising, homeownership may be getting more affordable. NAR reports year-over-year affordability has improved across the country, led by the largest gains in the West (up 12.5% annually), followed by the South (up 9.6%), Midwest (up 5.9%) and Northeast (up 4.7%).
Household wage growth is at 3.6%, outpacing home-price growth, which is also “helping to improve housing affordability,” Yun noted in reporting on the latest uptick in employment numbers.
Meanwhile, home prices barely budged last month, with median existing-home prices up just 0.9% from a year ago and dialing back from the brisker pace of recent years, NAR reports. That moderation in home prices could offer some home buyers an advantage to still jump in this spring.
Some signs are emerging: First-time home buyers comprised 33% of existing-home sales in April, and 16% of transactions were second-home buyers and individual investors.
“The increase in second-home purchases reflects stronger finances among higher-income households,” Yun notes.
Buyers Follow the Inventory
Inventory remains tight in the existing-home market, up about 6% last month but only a 1.4% increase compared to last year’s compressed levels, according to NAR.
That said, buyer demand is still evident: “Multiple offers, though not as intense as a few years ago, are still occurring,” Yun says, with the REALTORS® Confidence Index showing homes listed in April received, on average, 2.5 offers. “At the same time, days on the market are lengthening on average, implying the consumers are taking their time before making decisions.” The median time on the market for properties was 32 days in April, up from 29 days a year ago, NAR’s research shows.
As the number of existing homes for sale remains limited, more buyers appear to be looking to the new-home market. Sales of newly built single-family homes jumped 7.4% in March compared to February, and sales were up 3.3% from a year ago, the Commerce Department recently reported. Builders cited tight supply in the existing-home market as a key driver fueling recent demand in new construction.
Plus, the lower price tag in new homes may be proving another draw: The median new-home sales price in March, based on the latest numbers available, was $387,400, down 6.2% from a year ago and nearly 10% below its recent peak in December 2025.
By comparison, the median price of an existing home sold last month was $417,700—$30,000 higher than the median new-home sales price. Historically, existing-home prices are lower than new-home prices.
Builders continue to offer sales incentives to buyers, with 60% offering sales perks like mortgage rate buydowns, closing cost assistance or upgrades and design credits. One-third of builders also reported cutting prices in April, with an average price reduction of 5%, according to the National Association of Home Builders’ surveys.
Regional Outlook
Here’s a closer look at how existing-home sales fared across the country in April:
- Northeast: Sales were unchanged in April compared to March at an annual rate of 450,000. However, sales were down 8.2% compared to a year ago. Median price: $510,800, up 4.8% from a year ago.
- Midwest: Sales posted a 2.2% increase in April compared to March, reaching an annual rate of 950,000. Sales were down 1% compared to a year ago. Median price: $324,500, up 3.6% from April 2025.
- South: Sales posted a slight 0.5% increase in April compared to March, settling in at an annual rate of 1.87 million. Sales were up 2.7% annually. Median price: $366,600, up 0.4% from a year ago.
- West: Sales fell 2.6% in April compared to March, reaching an annual rate of 750,000. Sales were unchanged from a year ago. Median price: $619,600, down 1.4% from last year.
