April Monthly Market Comparison-HAR Report
After a slow start to the spring homebuying season, single-family home sales rebounded in April with sales climbing 9.2 percent year-over-year and inventory reaching the highest levels since before the pandemic in 2019.
In addition to the increase in single-family sales volume, total property sales were up 8.7 percent and total dollar volume increased 13.8 percent from $3.5 billion to $4 billion. Single-family pending sales rose 10.3 percent. Active listings, or the total number of available properties, were 32.3 percent ahead of April 2023.
Months of inventory expanded from a 2.6-months supply last April to 3.7 months, which is the highest since October 2019 when there was a 3.8-months supply. Housing inventory nationally stands at a 3.2-months supply, according to the latest report from the National Association of Realtors (NAR). A 4.0- to 6.0-month supply is generally considered a “balanced market” in which neither buyer nor seller has an advantage.