Market Snapshot | April 2024

Monthly Recap

– Kansas City Association of Realtors

U.S. existing-home sales recently fell from a one-year high, dropping 4.3% month-over-month to a seasonally adjusted annual rate of 4.19 million, according to the National Association of REALTORS® (NAR), as higher interest rates and rising sales prices continue to keep some prospective buyers on the sidelines. Average 30-year mortgage rates have topped 7% in recent weeks, while the median existing-home sales price hit $393,500 as of last measure, a 4.8% increase from the previous month, according to NAR.

Closed Sales increased 11.0 percent for existing homes but decreased 5.7 percent for new homes. Pending Sales increased 3.6 percent for existing homes but decreased 2.7 percent for new homes. Inventory increased 14.9 percent for existing homes but decreased 17.6 percent for new homes. The Median Sales Price was up 10.2 percent to $292,000 for existing homes and 2.3 percent to $539,446 for new homes. Days on Market increased 3.4 percent for existing homes and 38.1 percent for new homes. Supply increased 25.0 percent for existing homes but increased 12.7 percent for new homes.

Warmer temperatures appear to have helped bring some sellers back to the market, providing additional options to home shoppers during the spring buying season. Total inventory was up 4.7% month-over-month and 14.4% year-over-year, for a 3.2 months’ supply at the current sales pace, according to NAR. Nevertheless, demand continues to outpace supply and properties are selling quickly, with the typical home spending 33 days on market nationwide, down from 38 days the month before.

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