Home sales fall, while prices continue to rise

The median existing-home price was $391,200 in April, up 14.8 percent from April 2021, marking 122 consecutive months of annual home price increases, the longest on record, according to NAR’s recent existing home sales report. April home sales, however, dropped 2.4 percent in April from March, and 5.9 percent from the previous year, a slowdown NAR attributes to increasing interest rates. The market remains in flux, however, as listed homes still sell quickly, with April average days on market standing at 17 days, the same as March and April 2021.