There’s no doubt we’re seeing changes in the housing market. It’s all over the news. But while existing home sales are down, Let’s put that into context.
Here’s a look of the Existing Home Sales going all the way back to 2017 including the most recent forecast for this year.
2021 is an incredible year for the Housing Market that actually hit a fifteen year high in existing home sales and by April 2022 it shows that it is going back again to pre-pandemic levels.
According to NAR (National Association of Realtors), In seasonally adjusted terms, existing home sales fell 2.4% month on month to 5.6 million. In comparison to the same month last year, they were down 8.9%.
A median sales price of $391,200, and 2.2 months of inventory. The median sales price is up 14.8% year-over-year, and inventory was down 0.1 months from April 2021.
“Sales of previously owned homes in April fell to the lowest pace since the Covid pandemic started, according to the National Association of Realtors.” – CNBC News .
“We are moving back to pre-pandemic sales activity, but I expect further declines,” said Lawrence Yun, chief economist for the group.
“Tight supply kept home prices higher, despite rising interest rates. The median price of an existing home sold in April was $391,200, the highest on record and an increase of 14.8% from a year ago.”
All of these were quoted from the news that the media tells, everyone seems to be worried that the housing market is crashing and the boom is over but in fact, we are just heading back to where we were before the health crisis. Don’t forget that those are very strong years for real estate.