A sizable drop in mortgage interest rates didn’t do much to help home sales in April, as high prices and tight supply at the low end of the market continued to sideline buyers. Sales of existing U.S. homes, which accounts for 90 percent of the housing market, fell 0.4 percent in April compared with March.
Sales were 4.4 percent lower compared with April 2018. That was the 14th straight month of annual declines. Here in the Northeast, home sales decreased by 4.5 percent. The median price in the Northeast was $277,700, up 0.9 percent from April 2018.
The inventory of existing homes for sale increased to 1.83 million, up 1.7 percent annually to a 4.2-month supply at the current sales pace. Homes sat on the market for an average of 24 days in April, down from 36 days in March and down from 26 days a year ago.
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