Home sales in April (-2.3 percent) could not keep up with the notable upswing seen in March (4.2 percent).
It seems that we keep singing the same old tune every month about there not being enough inventory to satisfy demand. However, the facts don’t lie, and it’s why sales were down throughout the country last month.
Consider this: existing inventory was at a 4.2 month supply in April and has now declined year-over-year now from 22 months.
The one shiny bright spot in last month’s report? First-time buyers were 34 percent of the market, which matched last September as the highest since July 2012. Demand from first-time buyers is on the rise, but affordability and limited supply continue to loom as deterrents.
Below are charts highlighting market conditions last month: