Sales of previously owned U.S. homes rose slightly in April as housing inventory improved, though affordability pressures continued limiting broader market activity.
Existing-home sales increased 0.2% month-over-month to a seasonally adjusted annual rate of 4.02 million units in April, according to data released on Monday by the National Association of Realtors. Sales were unchanged compared to the same month last year.
The median existing-home sales price rose 0.9% year-over-year to $417,700, marking the 34th consecutive month of annual price increases and the highest median home price ever recorded for April.
Total housing inventory climbed 5.8% from March to 1.47 million units. Unsold inventory represented a 4.4-month supply at the current sales pace, up from 4.2 months in March.
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