US Home Sales Continue to Decline Amid High Prices and Inventory Woes

Sales of previously owned homes fell 3.4% in April due to high prices and fluctuating mortgage rates, but demand remains strong. The median price of an existing home sold in April was $388,800, down 1.7% from the previous April. However, sales were down most sharply for homes priced above $500,000, likely due to affordability. The market is becoming increasingly competitive, with properties selling after an average of 22 days in April. First-time buyers made up just 29% of home sales in April, as high prices continue to be a hurdle for entry.