Home Prices Post Biggest Annual Drop Since 2012, but Sales Also Fall
Home prices experienced their largest annual fall since 2012 in April, but home sales also continued to decline.
The Details: The U.S. median existing-home price fell 1.7% in April from a year earlier to $388,800, the biggest annual drop since January 2012, according to the National Association of Realtors. Median prices were down 6% from $413,800 in June, but differ greatly from market to market: prices in the Northeast were up 2.8% in April from a year ago, while prices in the West fell 8% from a year ago. Meanwhile, sales of existing homes fell 3.4% in April from March, and are down 23.2% compared to April 2022.
For Context: High mortgage rates and low inventory continue to be obstacles for homebuyers, and existing-home sales have fallen in 14 of the past 15 months. As rates remain high, homeowners who locked in lower rates may be more reluctant to sell.
How the Media Covered It: Sources across the spectrum covered both the drops in prices and sales, but some differed in which they focused on. Fox Business (Lean Right bias) highlighted how sales "continued to slide in April as limited inventory and high prices cooled consumer demand." Daily Mail (Right) said "high mortgage rates and limited supply make buying today unrealistic for many Americans." A CNN Business (Lean Left) headline said "US home prices fall by most in 11 years but sales are down."
Featured Coverage of this Story
From the LeftUS home prices fall by most in 11 years but sales are down
US home sales fell in April for the second month in a row and home prices had the biggest drop since 2012, according to a National Association of Realtors report released Thursday.
Sales had shown some life, rising in February after a full year of declines due to surging mortgage rates, but that momentum has since cooled.
In April, sales of existing homes — which include single-family homes, townhomes, condominiums and co-ops — dropped 3.4% from March. Annually, sales were down 23% from a year ago and the seasonally adjusted...
From the CenterHome Prices Posted Largest Annual Drop in More Than 11 Years in April
Sales of previously owned homes fell in April from the prior month and prices declined from a year earlier by the most in more than 11 years.
U.S. existing home sales, which make up most of the housing market, fell 3.4% in April from the prior month to a seasonally adjusted annual rate of 4.28 million, the National Association of Realtors said Thursday. April sales fell 23.2% from a year earlier.
The national median existing-home price fell 1.7% in April from a year earlier to $388,800, the biggest year-over-year price...
From the RightExisting home sales slide again in April amid inventory woes, high prices
U.S. existing home sales continued to slide in April as limited inventory and high prices cooled consumer demand.
Sales of previously owned homes tumbled 3.4% in April from the prior month to an annual rate of 4.28 million units, according to new data released Thursday by the National Association of Realtors (NAR). On an annual basis, existing home sales are down 23.2% when compared with April 2022.
"Home sales are bouncing back and forth but remain above recent cyclical lows," said Lawrence Yun, NAR chief economist. "The combination of job gains, limited inventory...