US April home sales stall as inventory climbs
May 11, 2026 at 15:08 UTC
Key Points
- US existing home sales in April held at a 4.02 million annual rate
- Sales came in below expectations for a 4.12 million pace
- Unsold home inventory rose to 1.47 million, highest April since 2019
- Median April home price hit a record $417,700 despite weak sales
April existing home sales hold flat
U.S. sales of previously occupied homes were essentially flat in April, with a seasonally adjusted annual rate of 4.02 million units, according to the National Association of Realtors. The pace matched April last year, indicating no year-over-year change in overall transaction volume.
The April figure fell short of expectations for a 4.12 million annual rate, underscoring a weaker-than-anticipated performance during what is typically a key part of the spring homebuying season. Sales have been hovering around a 4 million annual pace, well below the historical norm of about 5.2 million.
Inventory climbs to highest April level since 2019
At the end of April, there were 1.47 million unsold homes on the market. That inventory level was up 5.8% from March and 1.4% from April a year earlier, reaching the highest April reading since 2019.
The increase in available homes comes even as overall sales remain subdued, highlighting a buildup of listings. Rising inventory can expand options for buyers but also reflects a market where properties are taking longer to sell amid a slower sales pace.
Prices reach new April record
Despite flat sales, prices continued to edge higher. The U.S. median sales price in April rose 0.9% from a year earlier to $417,700. This marked an all-time high for any April since the National Association of Realtors began tracking the data in 1999.
The combination of record April prices and weak sales volumes underscores a market where affordability remains tight. Even with more homes on the market than in recent Aprils, price levels have not eased and instead have crept to a new seasonal record.
Weak spring market and outlook signals
The flat April sales, rising inventory, and record April prices together point to a lackluster spring homebuying season. Economists’ expectations for higher sales were not met, adding to signs of a continued slump in the housing sector.
With existing home sales stuck near a 4 million annual pace, significantly below the historical norm of approximately 5.2 million, the data suggest that the market has yet to regain stronger momentum. The latest figures highlight ongoing challenges for both buyers and sellers as the key selling season progresses.
Key Takeaways
- Existing home sales are holding at a subdued level, indicating demand has not rebounded to historical norms even during the crucial spring period.
- Rising inventory alongside flat sales suggests a market where listings are accumulating, which could influence negotiating dynamics between buyers and sellers.
- Record April median prices show that limited affordability persists, even as more homes come onto the market and sales underperform expectations.
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