The sale of existing homes declined in April on a monthly and annual basis amid a jump in supplies, real estate brokerage Redfin said in a May 19 statement.
Sales fell to a seasonally adjusted annual rate of nearly 4.2 million units in April, the lowest level since October 2024. It was down 0.2 percent from March and lower by 1.1 percent from April 2024—the first annual decline in seven months.
However, there were 1.94 million homes for sale in April, up over 16 percent from a year back. This was the highest level of supply since March 2020.
“Spring is typically the busiest season for the housing market, and with the housing shortage easing and mortgage rates slightly lower than a year ago, one might expect home sales to be stronger,” the brokerage said….