Story perspectives

Home prices rise, sales slightly up, inventory grows

5/12/2026

Summary

Home Sales Rise

Existing-home sales rose 0.2% month-over-month in April to a seasonally adjusted annual rate of 4.02 million units.
The median sales price increased 0.9% year-over-year to $417,700, the 34th consecutive month of price gains.
Total housing inventory reached 1.47 million units at month-end, up 5.8% from March and creating a 4.4-month supply.
The 30-year fixed-rate mortgage rose to 6.33% in April, and investor purchases fell to 16% of transactions.

Summary

Realtors Flag Condos

National Association of Realtors says condo prices exceed single-family prices because condos cluster in markets.
National Association of Realtors (NAR) notes median prices are less affected by transactions than averages and should not be compared without seasonality adjustments.
Existing-home sales use MLS closings while Census Bureau new-single-family data use contracts, so series can move opposite in a month.
The REALTORS® Confidence Index records distressed sales, first-time-buyer activity and investor purchases omitted from headline totals.

History

Historical Context

The early-2000s housing bubble, fueled by Fannie Mae and Freddie Mac’s $81 billion purchase of subprime securities and a Fed rate hike to 6.25% by 2006, burst in 2005 and culminated with Lehman Brothers’ September 2008 bankruptcy and a credit crunch. By December 2008 the Fed cut rates to 0.25% and delinquencies hit 9.2%, shaping today’s 34-month median price rise reported by the National Association of Realtors.

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Home Sales Rise

Existing-home sales rose 0.2% month-over-month in April to a seasonally adjusted annual rate of 4.02 million units.
The median sales price increased 0.9% year-over-year to $417,700, the 34th consecutive month of price gains.
Total housing inventory reached 1.47 million units at month-end, up 5.8% from March and creating a 4.4-month supply.
The 30-year fixed-rate mortgage rose to 6.33% in April, and investor purchases fell to 16% of transactions.

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