THE BASIS POINT

Sales of Existing Homes Fall For 3rd Straight Month, First Time Buyers 28% of Market

 
 

Here’s some key stats from the NAR’s report on existing home sales for April, released today, which were down for third straight month (see chart)

The median existing-home price3 for all housing types in April was $391,200, up 14.8% from April 2021 ($340,700), as prices increased in each region. This marks 122 consecutive months of year-over-year increases, the longest-running streak on record.

Properties typically remained on the market for 17 days in April, equal to both the number of days in March 2022 and in April 2021. Eighty-eight percent of homes sold in April 2022 were on the market for less than a month.

First-time buyers were responsible for 28% of sales in April, down from 30% in March and from 31% in April 2021. NAR’s 2021 Profile of Home Buyers and Sellers – released in late 20214 – reported that the annual share of first-time buyers was 34%.

All-cash sales accounted for 26% of transactions in April, down from 28% in March and up from the 25% recorded in April 2021.

Individual investors or second-home buyers, who make up many cash sales, purchased 17% of homes in April, down from 18% in March and equal to 17% in April 2021.

Distressed sales – foreclosures and short sales – represented less than 1% of sales in April, equal to the percentage seen in March and down from 2% in April 2021.

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Reference:

April 2022 Existing Home Sales (NAR)

 
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