A M. Appraisals Blog

U.S. new-home sales jumped 7.4% month-over-month and 6.0% year over-year to a seasonally adjusted annual rate of 724,000 units, according to the U.S. Census Bureau. The median sales price for new homes decreased 1.9% from the previous month to $403,600, down 7.5% from one year earlier. There were 503,000 new homes available for sale heading into April, for an 8.3-month supply at the current sales pace. For the 12-month period spanning May 2024 through April 2025, Pending Sales in the Consolidated Multiple Listing Service, Inc. region went up 4.0 percent overall. The price range with the largest pending sales gain was the $1,000,001 and Above range, where sales increased 34.5 percent.

The overall Median Sales Price increased 1.9 percent to $275,000. The property type with the largest gain was the Condos segment, where prices increased 4.6 percent to $204,999. The price range that tended to sell the quickest was the $150,001 to $250,000 range at 45 days. The price range that tended to sell the slowest was the $1,000,001 and Above range at 57 days.

Market-wide, inventory levels was up 39.0 percent. The property type with the largest gain was the Condos segment, where the number of properties for sale rose 72.9 percent. That amounts to 2.6 months of inventory for Single-Family Homes and 3.0 months of inventory for Condos.

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U.S. existing-home sales decreased 5.9% month-over-month and 2.4% year-over year to a seasonally adjusted annual rate of 4.02 million units, according to the National Association of REALTORS® (NAR), as affordability challenges and economic uncertainty weigh on market activity. Sales were down month-over-month in all four regions, with the West experiencing the largest decline, at 9.4%.

New Listings were up 23.2 percent to 1,845. Pending Sales increased 12.7 percent to 1,500. Inventory grew 39.0 percent to 2,995 units.

Prices moved higher as Median Sales Price was up 2.5 percent to $273,983. Days on Market increased 10.9 percent to 51 days. Months Supply of Inventory was up 35.0 percent to 2.7 months, indicating that supply increased relative to demand.

Total housing inventory increased 8.1% month-over-month for a total of 1.33 million units heading into April, equivalent to a 4.0-month supply at the current sales pace, according to NAR. Although inventory is up nearly 20% from the same time last year, the additional supply has had little effect on home prices across much of the country, with the national median existing-home price climbing 2.7% year-over year to $403,700 as of last measure.