Consumer confidence sat near historic lows in April, while the stock market climbed to record highs. Existing-home sales rose anyway, and NAR’s chief economist says affordability is why.
Consumer confidence sat near historic lows in April while the stock market climbed to record highs, and existing-home sales rose.
The National Association of Realtors reported a 0.2 percent month-over-month increase in April, bringing existing-home sales to a seasonally adjusted annual rate of 4.02 million. Sales were flat year-over-year.
“Despite mixed macroeconomic signals — including a record-high stock market and historically low consumer confidence — home sales were modestly boosted by the continued improvement in housing affordability,” said NAR Chief Economist Lawrence Yun. “Mortgage rates are lower from a year ago, and average income growth is outpacing home price gains.”
The average 30-year fixed-rate mortgage came in at 6.33 percent in April, according to Freddie Mac, down from 6.73 percent a year ago. NAR’s Housing Affordability Index registered at 110.6 in April, up from 101.4 a year earlier. Affordability improved year-over-year in all four regions, with the West posting the largest gain at 12.5 percent.
The median existing-home price reached $417,700 in April, up 0.9 percent from a year ago, the 34th consecutive month of year-over-year price increases.
Regional breakdown
Sales moved in different directions across the country. The Midwest posted a 2.2 percent month-over-month gain to an annual rate of 950,000 units. The South rose 0.5 percent to 1.87 million and is the only region where sales increased on a year-over-year basis, up 2.7 percent.
The Northeast held flat month over month at 450,000 but fell 8.2 percent from a year ago. The West declined 2.6 percent month over month to 750,000, though sales were unchanged year over year.
Inventory and market pace
Total housing inventory reached 1.47 million units in April, up 5.8 percent from March and 1.4 percent from a year ago, representing a 4.4-month supply.
“Inventory still remains tight,” Yun said. “Multiple offers, though not as intense as a few years ago, are still occurring. At the same time, days on market are lengthening on average, implying that consumers are taking their time before making decisions.”
Properties spent a median of 32 days on market in April, up from 29 days in April 2025.
First-time buyers represented 33 percent of April sales, up from 32 percent in March and down from 34 percent a year ago. Cash transactions accounted for 25 percent of sales, unchanged year over year. Distressed sales, foreclosures and short sales held at 2 percent of transactions.
NAR will release May 2026 existing-home sales data on June 9.