US Existing Home Rebound Less than Expected

Existing home sales in the United States inched higher by 0.2% from the seven-month low in the previous month to an annualized rate of 4.02 million units in April of 2026. The result was slightly below expectations 4.05 million units sold, pressured by higher mortgage rates after the surge in energy prices drove long-term Treasury yields to increase. Sales fell sharply in the West (-2.6% to 750 thousand), offsetting an increase in the Midwest (2.2% to 950 thousand). Inventory grew by 5.8% to 1.47 million, equivalent to 4.4 months of supply. Still, the NAR saw the result as optimistic. “Despite mixed macroeconomic signals—including a record-high stock market and historically low consumer confidence—home sales were modestly boosted by the continued improvement in housing affordability,” said NAR Chief Economist Dr. Lawrence Yun. “Mortgage rates are lower from a year ago, and average income growth is outpacing home price gains.”

Existing home sales in the United States fell by 3.6% from the previous month to an annualized rate of 3.98 million in March of 2026, the lowest in nine months and missing market expectations of 4.06 million units. Inventory levels inched higher from the previous month to 1.36 million, equivalent to 4.1 months of supply at the latest sales rate, although both the level and sales ratio remain well below the historical average. Meanwhile, the median sales price of existing homes were 1.4% higher from the previous year at $408,800, the highest since November. According to NAR Chief Economist Dr. Lawrence Yun. “March home sales remained sluggish and below last year’s pace. Lower consumer confidence and softer job growth continue to hold back buyers. Because inventory remains limited, the median home price rose to a new record high for the month of March. That price growth has helped the typical homeowner accumulate $128,100 in housing wealth over the past six years.”

Existing home sales in the United States rose by 1.7% from the previous month to an annualized rate of 4.09 million in February of 2026, ahead of market expectations that they would fall to 3.89 million. Despite the rebound, unsold inventory rose by a sharper 2.4% to a total of 1.29 million, which is equivalent to 3.8 months of supply at the latest sales rate. Sales price of existing homes inched higher by 0.3% from the previous year to $398,000, despite the drop in mortgage rates since the period. “Housing affordability is improving, and consumers are responding,” said NAR Chief Economist Dr. Lawrence Yun. “Still, there is a long way to go to return to pre-pandemic levels of transaction activity. There are more than 6 million more jobs than in 2019, yet home sales per year are down by one million. Despite the modest gain in home sales, actual housing demand remains muted relative to wage growth and job gains.”