Staff Reports
The latest National Association of REALTORS® report on existing‑home sales gave the housing market its usual dose of hope and skepticism: sales barely inched up in April, and the numbers were weaker than many economists expected. For a season that is supposed to kick off the spring buying frenzy, this felt more like a polite cough than a cheer.
April existing‑home sales: a tiny uptick that disappointed
The headline: existing‑home sales rose to a seasonally adjusted annual rate of 4.02 million — a 0.2% increase from March and basically flat from a year ago. That sounds like a win until you remember analysts were looking for a clearer bounce. Median home price was $417,700, up 0.9% year‑over‑year. Inventory rose to 1.47 million homes, a 5.8% monthly gain, which translates to about 4.4 months’ supply. In short: more listings, but not enough buyers to call this a real recovery.
Mortgage rates and affordability: mixed signals, real pain
NAR Chief Economist Dr. Lawrence Yun summed it up: mortgage rates are lower than a year ago and incomes are outpacing price gains, which helped sales a bit. But don’t let that soothe anyone. Typical 30‑year fixed rates are still in the mid‑6% range, which is high enough to keep many would‑be buyers on the sidelines. The NAR affordability index did improve to 110.6 from 101.4 a year earlier, yet that improvement is relative — not a statewide invitation to a buying spree. Bluntly, Washington’s inflation mess and the Fed’s rate path have left buyers more rate‑sensitive than eager.
Regional splits and what the inventory number really means
The gains were not spread evenly. Sales rose in the South and Midwest, were flat in the Northeast, and fell in the West. That means some markets are cooling while others limp along. The 1.47 million listings reported is the strongest April showing since 2019 in some measures, but it still falls short of pre‑pandemic norms. Houses are staying on the market longer and multiple‑offer wars are rarer — welcome news for patient buyers, bad news for sellers who were hoping for fireworks this spring.
What to watch next: rates, listings and the policy backdrop
If you care about the housing market — and anyone with a mortgage or a town to balance wants to — keep an eye on three things: mortgage rates, new listings, and how long homes sit for sale. If rates fall meaningfully, buyers will come back. If inventory keeps rising, sellers will have to cut prices or wait. And if Washington doesn’t get a handle on inflation pressures, expect more of the same slow, uneven market. The April report was a reminder that the recovery is fragile, and that policymaker decisions still matter to real families trying to buy roofs over their heads. That’s not a partisan jab — it’s math. But if you want jabs, Washington has plenty of those to go around.
