U.S. existing-home sales declined -0.5% MoM and -2.0% YoY in April 2025 to a seasonally adjusted annual rate of 4.00 million units, the slowest April pace since 2009, falling short of expectations for a rise to 4.10 million units.

• The median existing-home price rose 1.8% YoY to $414,000, an all-time high for April.
• Housing inventory increased 9.0% MoM and 20.8% YoY to 1.45 million units, equivalent to 4.4 months' supply, the highest since September 2020.
• Single-family home sales waned 0.3% to a seasonally adjusted annual rate of 3.63 million in April, down 1.4% from the prior year. The median existing single-family home price was $418,000 in April, up 1.7% from April 2024.
• First-time buyers accounted for 34% of sales, the highest share since July 2020.
• Homes remained on the market for an average of 29 days, down from 36 days in March but up from 26 days in April 2024.
• All-cash sales comprised 25% of transactions, down from 26% in March and 28% in April 2024.
• Despite the increase in inventory, the market remains a mild seller's market, though buyers are gaining more negotiating power.