Inventory woes lead to another existing-home sales dip in April!
April marked the third consecutive month of decreasing existing-home sales, which dropped 2.7% from March to a seasonally adjusted annual rate of 5.85 million, according to the National Association of Realtors (NAR).
Sales were still up 33.9% year over year, though that figure is skewed because sales were held down last spring during the first months of the COVID-19 pandemic in the United States.
The month-to-month slips in sales continue to be driven in part by a precarious lack of inventory nationwide according to NAR chief economist Lawrence Yun.
"Home sales were down again in April from the prior month, as housing supply continues to fall short of demand," Yun said. "We'll see more inventory come to the market later this year as further COVID-19 vaccinations are administered and potential home sellers become more comfortable listing and showing their homes. The falling number of homeowners in mortgage forbearance will also bring about more inventory.” Arnie Aurellano, Scotsman Guide 5/21/21