Washington | ReNews International Desk News
U.S. existing home sales remained largely flat in April 2026, offering a cautious sign of stabilization in the residential property market as improved affordability and slightly lower mortgage rates helped offset persistent supply shortages.
According to data from the National Association of Realtors, sales of previously owned homes edged up 0.2 percent from March to a seasonally adjusted annual rate of 4.02 million. Compared with April 2025, sales were unchanged, reflecting a market that is no longer sharply weakening but still struggling to build stronger momentum.
The modest monthly gain was uneven across regions. Sales improved in the Midwest and South, remained flat in the Northeast and declined in the West, where affordability pressures remain more severe despite some improvement from last year.
Lawrence Yun, chief economist at the National Association of Realtors, said the market received limited support from improving affordability conditions, even as broader economic signals remained mixed.
He noted that mortgage rates have eased compared with a year earlier, while income growth has continued to outpace home price appreciation. These factors, according to Yun, helped bring some buyers back into the market, though not enough to trigger a broad based recovery.
Supply constraints remain one of the biggest challenges for the U.S. housing sector. Inventory rose to 1.47 million units in April, up 5.8 percent from March and 1.4 percent from a year earlier. That represented a 4.4 month supply of unsold homes at the current sales pace.
Despite the increase, available housing stock remains limited in several markets. Realtors say multiple offer situations are still being seen in some price segments, although competition is far less intense than during the pandemic era housing boom.
Home prices continued to rise. The median existing home price reached $417,700 in April, up 0.9 percent from a year earlier. It marked the 34th consecutive month of annual price growth, underscoring the continuing imbalance between demand and available supply.
Affordability showed a notable improvement. The Housing Affordability Index rose to 110.6 from 101.4 a year ago, with all major regions recording annual gains. The West posted the strongest improvement, although it remains one of the most expensive regions for buyers.
Mortgage rates remained a key factor shaping buyer behavior. The average 30 year fixed mortgage rate stood at 6.33 percent in April, according to Freddie Mac. That was lower than a year earlier but slightly above the March level, keeping borrowing costs elevated by historical standards.
Single family home sales were unchanged from March at an annualized pace of 3.64 million. Condo and co op sales increased 2.7 percent to 380,000 units. Prices remained firm across both categories, with single family home prices up 1.0 percent year over year and condo prices rising 1.1 percent.
Regionally, the South recorded the strongest annual performance, with sales increasing 2.7 percent from a year earlier. The West remained flat on an annual basis, while the Northeast saw an 8.2 percent decline. The Midwest posted a 1.0 percent annual drop despite monthly improvement.
Market activity indicators point to gradual normalization. The median time on market fell to 32 days in April from 41 days in March, but homes still took longer to sell than they did a year earlier. This suggests buyers are becoming more selective, especially as prices and borrowing costs remain elevated.
First time buyers accounted for 33 percent of transactions, slightly higher than the previous month. Cash purchases and investor activity both eased, indicating a modest shift toward traditional buyers.
Distressed sales remained minimal at 2 percent of total transactions, unchanged from prior months. Analysts say the low level of distressed activity reflects continued stability in credit conditions, even as the broader economic environment remains uncertain.
Overall, April’s data suggests the U.S. housing market is moving sideways rather than recovering strongly. Improved affordability and lower annual mortgage rates are offering support, but tight inventory and elevated prices continue to limit sales growth.