Research and Statistics

Existing-home sales slid 0.5% month-over-month to a seasonally adjusted rate of 4.00 million in April 2025. Year-over-year, sales retreated 2.0%. According to NAR Chief Economist Lawrence Yun, "Home sales have been at 75% of normal or pre-pandemic activity for the past three years, even with seven million jobs added to the economy. Pent-up housing demand continues to grow, though not realized. Any meaningful decline in mortgage rates will help release this demand."

In March 2025, the Northeast experienced month-over-month losses in transactions, while the Midwest, South, and West saw gains, which were most substantial in the South. According to NAR Chief Economist Lawrence Yun, "Home buyers are acutely sensitive to even minor fluctuations in mortgage rates. While contract signings are not a guarantee of eventual closings, the solid rise in pending home sales implies a sizable build-up of potential home buyers, fueled by ongoing job growth."