What did existing home sales look like in April 2025?
A greater number of homes were on the market for potential buyers to choose from in April, even as sales of existing homes dropped off somewhat amid the spring buying season around the country, the National Association of Realtors (NAR) said in a report released today.
Existing home sales, which the NAR defines as completed transactions for properties that include single-family homes, townhomes, condominiums and co-ops, increased in at least one market from March.
"Home sales have been at 75% of normal or pre-pandemic activity for the past three years, even with seven million jobs added to the economy," NAR Chief Economist Lawrence Yun said in the report. “Pent-up housing demand continues to grow, though not realized. Any meaningful decline in mortgage rates will help release this demand.”
Total homes for sale at the end of April was 1.45 million units, up 9% from March and 20.8% from one year ago, the NAR report said, a sign that buyers will have more selection as we dive deeper into the traditional spring homebuying season. More to choose from also could mean a drop in prices for buyers as well, as sellers face more competition.
Despite a slip in sales, the NAR had some additional positive news for homeowners as well as potential buyers.
"At the macro level, we are still in a mild seller's market,” Yun added in the NAR report. "But with the highest inventory levels in nearly five years, consumers are in a better situation to negotiate for better deals.”
Which regions showed changes in pending home sales?
At least one of the four regions the NAR tracks in the U.S. showed an increase in sales of existing homes in March, the NAR said.
- In the Midwest, existing home sales increased 2.1% from March.
- Completed transactions in the South were unchanged from the previous month.
- The Northeast experienced a 2% decline in existing home sales from last month.
- And sales of existing homes in the West dropped 3.9% from March.
Spring often signals a start to the annual homebuying season for existing home sales, and sales could pick up if mortgage interest rates decline and the weather warms up even more heading into summer.
Did mortgage rates show any change?
According to data from Freddie Mac, the 30-year fixed rate mortgage averaged 6.81% as of May 15*. That’s up from 6.76% one week ago but down from 7.02% one year ago.
Continued progress on mortgage rates cooling off will likely be a welcome sign to prospective homebuyers. A decrease in mortgage rates could also signal a continuing thaw in the housing market as we push further into the spring homebuying season.
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* National average rates from Freddie Mac as of 5/15/25 are not advertised rates from Guaranteed Rate Affinity.
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