Overview
- As of April, there were roughly 1.9 million active listings versus 1.5 million buyers, creating a nearly 490,000-home surplus that marks the widest imbalance since 2013.
- More than 44 percent of listings lingered on the market for over 60 days in April, and 44.4 percent of Q1 sales featured seller concessions like covering closing costs or funding repairs.
- Pending home sales fell by 6.3 percent in April, representing the steepest monthly drop since September 2022, according to the National Association of Realtors.
- The median existing-home price held at $431,931 in April, up 1.6 percent year over year, but analysts project an average 1 percent decline by the end of 2025.
- Mortgage rates hovering around 7 percent continue to curb affordability, while in the condo market sellers outnumber buyers by 83 percent.