Cover of the NAR Monthly Research Update report
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Each month, the Research Update report provides a summary of the data, reports, blog posts, and instant reactions produced by NAR's research team.

May 2025

Data

Existing-Home Sales

Existing-home sales slowed in April. Sales declined in the Northeast and West, increased in the Midwest, and remained unchanged in the South. Year-over-year, sales declined in three regions, while remaining steady in the Northeast. Total existing-home sales slipped 0.5% from March to a seasonally adjusted annual rate of 4.00 million in April. Year-over-year, sales declined 2.0% (down from 4.08 million in April 2024).

Pending Home Sales

Pending home sales decreased 6.3% in April. All four U.S. regions experienced month-over-month losses in transactions. Year-over-year, contract signings increased in the Midwest but decreased in the Northeast, South, and West, with the West experiencing the largest decline. The Pending Home Sales Index (PHSI) dove 6.3% to 71.3 in April. Year-over-year, pending transactions declined by 2.5%. An index of 100 is equal to the level of contract activity in 2001.

Housing Affordability Index

The housing affordability index increased to 103.2 in March from 102.6 in February. An index above 100 means that a family with a median income has more than the income required to afford a median-priced home.

REALTORS® Confidence Index

60% of respondents reported that properties sold in less than one month. This is up from a month ago (57%) and down from 68% one year ago. First-time buyers represented 32% of buyers, up slightly from 31% last month and unchanged from 32% one year ago. 25% of buyers had all-cash sales, down slightly from 26% one month ago and from 28% one year ago.

Metro Market Statistics

Use the data visualization to get your local area's most recent housing, demographic, economic, and affordability statistics.

 

Reports

Articles on the Economy

Instant Reactions

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