In April, second-hand home sales in the United States increased less than expected as high interest rates and tight inventory continued to suppress the housing market recovery.

The performance of second-hand housing sales in the United States in April was lower than market expectations, despite improvements in housing affordability, inventory remains tight, coupled with high mortgage rates, continuing to limit the recovery of the real estate market. According to data released by the National Association of Realtors (NAR), existing home sales in the United States in April increased by only 0.2% on a month-on-month basis, with a seasonally adjusted annual sales volume of 4.02 million units, far below the market's expectation of over 3% growth. Compared to the same period last year, second-hand home sales in April remained basically flat. Since this data is based on final transactions, it mainly reflects home purchase contracts signed between the end of February and March. The data shows that by the end of March, the 30-year fixed mortgage rate in the United States remained in the high 5% range, but following the escalation of tensions between the US and Iran, and the outbreak of war between the US, Israel, and Iran, mortgage rates quickly shot up. NAR Chief Economist Lawrence Yun stated that despite conflicting macroeconomic signals, including record highs in the US stock market and record lows in consumer confidence, the continued improvement in housing affordability still provides some support for home sales. Yun pointed out that mortgage rates have decreased compared to last year, while the growth rate of household income is still faster than the increase in housing prices. In terms of supply, housing inventory in the United States in April increased by 5.8% on a month-on-month basis, but only increased by 1.4% compared to the same period last year, with the overall inventory equivalent to a 4.4-month supply. The market generally believes that a 6-month inventory level signifies a relative balance between buyers and sellers. Yun stated that the US real estate market "urgently needs a 30% increase in inventory," but this has clearly not been achieved yet. He pointed out that although bidding wars are not as intense as in previous years, some properties are still experiencing competition from multiple buyers. At the same time, the average listing time for homes is increasing, indicating that consumer home purchasing decisions are becoming more cautious. The tight inventory continues to push up prices. Data shows that in April, the median price of second-hand homes sold in the United States reached $417,700, a 0.9% year-on-year increase, the highest level in April since NAR began tracking. Additionally, the average listing time for homes increased from 29 days to 32 days compared to the same period last year. First-time buyers accounted for 33% of total sales, slightly lower than the same period last year. About a quarter of home transactions were still completed in cash, consistent with the previous year. Mortgage rates continue to remain high. This week, the opening rate for a 30-year fixed mortgage in the United States was reported at 6.42%. Furthermore, recent real estate data shows that despite a slight increase in the number of homes for sale in April and May, market supply is tightening again. Analysts believe this means that US home prices may continue to face upward pressure in the future.