The National Association of Realtors (NAR) announced on Friday that the U.S. existing home sales declined 2.7 percent m-o-m to a seasonally adjusted rate of 5.85 million in April from an unrevised 6.01 million in March. This was the lowest reading since June 2020.

Economists had forecast home resales increasing to a 6.09 million-unit pace last month.

In y-o-y terms, existing-home sales climbed 33.9 percent in April.

According to the report, three of the four major regions recorded m-o-m drops in existing-home sales in April but each registered double-digit advances in y-o-y terms. The median existing-home price for all housing types in April was $341,600, up 19.1 percent y-o-y, as prices increased in every region. This was a record high and marks 110 straight months of y-o-y gains.

Single-family home sales stood at a seasonally-adjusted annual rate of 5.13 million in April, down 3.2 percent from 5.30 million in March, but up 28.9 percent from one year ago. The median existing single-family home price was $347,400 in April, up 20.3 percent from April 2020. Meanwhile, existing condominium and co-op sales were recorded at a seasonally-adjusted annual rate of 720,000 units in April, up 1.4 percent from March and up 84.6 percent from one year ago. The median existing condo price was $300,400 in April, a gain of 12.6 percent from a year ago.

"Home sales were down again in April from the prior month, as housing supply continues to fall short of demand," noted Lawrence Yun, NAR's chief economist. "We'll see more inventory come to the market later this year as further COVID-19 vaccinations are administered and potential home sellers become more comfortable listing and showing their homes. The falling number of homeowners in mortgage forbearance will also bring about more inventory.”