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Share of Homes For Sale Falls 22.5%

Redfin states that homes for sale in April fell 22.5% year-over-year, as did the share of new homes listed for sale (-42.4%) and the number of homes available for sales (-24.5%). 

Home prices were up from the year prior, but the rate of growth in the U.S. median home-sale price fell slightly to 4.9% annually. This is down from 6.9% in March. The average sale price in April was $303,895.

April home sales fell 23% across the nation from March—the largest decline on record going back to January 2012. The prior largest drop was 8.8% recorded in December 2018. Home sales rose by 0.8% in March 2020. 

The markets that saw the largest decline were also among the most expensive: San Francisco (-53.9%) and New York (-45.8%). Detroit was on this list, with an annual decline of 46.8%.  

“The supply of homes for sale declined even more dramatically than homebuyer demand in April,” said Redfin Lead Economist Taylor Marr. “While home sales fell the most in more expensive markets, in more affordable areas prices continued to increase. Even during the depths of the slowdown last month the market was still faster and more competitive than it was a year earlier.”

Some of the nation’s most affordable housing markets are seeing price gains. Nine of the top 10 metros where home prices rose year-over-year still had median prices below the national level. 

Detroit led the nation with an average home price of $159,900, which is a 27.9% increase. Other markets that posted increases were Memphis, Tennessee ($217,000), and Philadelphia ($250,000). 

Only one of the 85 largest metro areas Redfin tracks saw a year-over-year decline in the median sale price: San Francisco at -0.2%.

None of the 85 largest metros tracked by Redfin posted an annual increase in active listings of homes for sales. The smallest declines were in Greenville, South Carolina (-7.6%), El Paso, Texas (-8%), and Omaha, Nebraska (-10.2%). 

The largest declines in active housing supply were Allentown, Pennsylvania (-55.4%); Kansas City, Missouri (-48.8%)’ and Tulsa (-48.5%). 

About Author: Mike Albanese

A graduate of the University of Alabama, Mike Albanese has worked for news publications since 2011 in Texas and Colorado. He has built a portfolio of more than 1,000 articles, covering city government, police and crime, business, sports, and is experienced in crafting engaging features and enterprise pieces. He spent time as the sports editor for the "Pilot Point Post-Signal," and has covered the DFW Metroplex for several years. He has also assisted with sports coverage and editing duties with the "Dallas Morning News" and "Denton Record-Chronicle" over the past several years.
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