The housing market turned a corner in April as the inventory crunch showed signs of easing, according to a new report from Redfin.
The 9 percent year-over-year decline in homes for sale was the smallest since March 2020 and the first single-digit drop since the start of the pandemic.
While inventory remained at a record low, it fell at a relatively slow pace because soaring mortgage rates tempered homebuyer demand. Home sales slid 8 percent, the biggest drop since June 2020, which allowed white-hot home-price growth to cool slightly. The median home-sale price rose 16 percent to $424,000, a slowdown from March’s 17-percent gain.
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