Home sales, while essentially flat nationwide (-0.6%), were down from a year ago in about half of metro areas Redfin tracks.
The markets that posted the largest year-over-year sales gains and the ones where sales fell the most last month tended to be relatively affordable. This marks another reversal from March, when the areas that posted the biggest sales declines were much more expensive than those that saw sales surge the most.
The parity in prices between metros with sales gains and those with sales declines likely contributed to the rebound in the national median price last month. One notable outlier in April was San Jose, the second-most expensive metro in Redfin's analysis, where sales fell 10.8 percent.
The number of homes for sale as of the end of April was up 3.1 percent since last year, the smallest annual increase in home supply in seven months. The number of homes newly listed for sale last month increased 0.7 percent year over year, following two straight months of declines.
Although the median number of days on market for homes sold in April fell to 40, the same pace as last April at the beginning of the 2018 spring market frenzy, other measures indicate that the market is cooler than a year ago. In April, 23.7 percent of homes for sale had a price drop, up from 21 percent last year, and 22.4 percent of homes sold for above list price, down from 26.8 percent last year.
SOURCE Redfin
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