Top of Mind Home Sales Disappoint at the End of April (5/5/2025 Market Update)
May 6, 2025
The podcast reveals a steep decline in home sales and prices at the end of April 2025, ending a two-year growth streak. It dives into the influence of rising mortgage rates and hints at a possible surge in transactions as the peak season approaches. Additionally, discussions highlight rising inventory and the crucial impact of new listings, underscoring how buyer activity is slowing down. Tune in for key insights that could shape the future of the housing market!
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April Home Sales Slump
- Weekly pending home sales at the end of April 2025 dropped 10% compared to the same week in 2024.
- This signals sluggish home-buying activity despite a slight rebound after Easter and precedes May's seasonal peak in sales.
First Year-Over-Year Price Dip
- The median price of weekly pending home sales came in 1% lower than the same week last year, the first negative year-over-year price reading in nearly two years.
- Rising inventory has finally reached levels sufficient to impact prices amid weak demand.
Inventory Hits Pandemic-Era High
- Inventory of unsold single-family homes grew to 744,000, 33% more than last year and the highest level since before the pandemic.
- This surplus ends the pandemic-era housing shortage, signaling a new market era.