NAR - Existing-U.S. Home Sales Unchanged From a Year Ago

 NAR Existing-Home Sales Report Shows 0.2% Increase in April

 

Month-Over-Month

• 0.2% increase in existing-home sales—seasonally adjusted annual rate of 4.02 million in April
• 5.8% increase in unsold inventory—1.47 million units equal to 4.4 months’ supply

 

Year-Over-Year

• No change in existing-home sales
• 0.9% increase in median existing-home sales price to $417,700

 

 

WASHINGTON (May 11, 2026) – Existing-home sales increased by 0.2% month-over-month in April, according to the National Association of REALTORS® Existing-Home Sales report. The report provides the real estate ecosystem—including agents, homebuyers and sellers—with data on the level of home sales, price, and inventory.

 

Month-over-month sales increased in the Midwest and the South, were unchanged in the Northeast, and declined in the West. On a year-over-year basis, sales rose in the South, were flat in the West, and fell in both the Northeast and Midwest.

 

“Despite mixed macroeconomic signals—including a record-high stock market and historically low consumer confidence—home sales were modestly boosted by the continued improvement in housing affordability,” said NAR Chief Economist Dr. Lawrence Yun. “Mortgage rates are lower from a year ago, and average income growth is outpacing home price gains.”

 

“Inventory still remains tight,” Yun added. “Multiple offers, though not as intense as a few years ago, are still occurring. At the same time, days on market are lengthening on average, implying that consumers are taking their time before making decisions.”

 

“The increase in second-home purchases reflects stronger finances among higher-income households, as well as the post-COVID rise in remote work and hybrid job schedules.”

 

National Snapshot

 

Total Existing-Home Sales for April

• 0.2% increase in existing-home sales¹ month-over-month to a seasonally adjusted annual rate of 4.02 million.
• No change in sales year-over-year.

 

Inventory in April

• 1.47 million units: Total housing inventory², up 5.8% from March and 1.4% from April 2025.
• 4.4-month supply of unsold inventory, up from 4.2 months last month and up from 4.3 months one year ago.

 

Median Sales Price in April

• $417,700: Median existing-home price³ for all housing types
• 0.9% increase from one year ago ($414,000)—the 34th consecutive month of year-over-year price increases.

 

Housing Affordability in April

• The Housing Affordability Index registered at 110.6, up from 101.4 a year ago.

• Year-over-year, affordability improved across all regions.
  • Northeast +4.7%
  • Midwest +5.9%
  • South +9.6%
  • West +12.5%

 

 

Single-Family and Condo/Co-op Sales

 

Single-Family Homes in April

• No change in sales month-over-month with a seasonally adjusted annual rate of 3.64 million, down 0.3% from April 2025.
• $422,300: Median home price, up 1.0% from last year.

 

Condominiums and Co-ops in April

• 2.7% increase in sales month-over-month to a seasonally adjusted annual rate of 380,000
• 2.7% increase from last year. 
• $374,100: Median price, up 1.1% from April 2025.

 

 

Regional Snapshot for Existing-Home Sales in April

 

Northeast

• Unchanged sales month-over-month at an annual rate of 450,000
  • Down 8.2% year-over-year
• $510,800: Median price, up 4.8% from April 2025

 

Midwest

• 2.2% increase in sales month-over-month to an annual rate of 950,000
  • Down 1.0% year-over-year
• $324,500: Median price, up 3.6% from April 2025.

 

South

• 0.5% increase in sales month-over-month to an annual rate of 1.87 million
  • Up 2.7% year-over-year
• $366,600: Median price, up 0.4% from April 2025

 

West

• 2.6% decrease in sales month-over-month to an annual rate of 750,000
  • Unchanged from last year
• $619,600: Median price, down 1.4% from April 2025.

 

 

REALTORS® Confidence Index for April

 

• 32 days: Median time on market for properties, down from 41 days last month
  • Up from 29 days in April 2025
• 33% of sales were first-time homebuyers, up from 32% in March
  • Down slightly from 34% one year ago
• 25% of transactions were cash sales, down from 27% last month
  • Unchanged from 25% in April 2025
• 16% of transactions were individual investors or second-home buyers, down from 18% last month
  • Up slightly from 15% one year ago
• 2% of sales were distressed sales⁴ (foreclosures and short sales)
  • Unchanged from last month and a year ago.

 

 

Mortgage Rates

 

• 6.33%: The average 30-year fixed-rate mortgage in April, according to Freddie Mac, up from 6.18% in March and down from 6.73% one year ago.

 

 

About the National Association of REALTORS^®

The National Association of REALTORS^® is involved in all aspects of residential and commercial real estate. The term REALTOR^® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS^® and subscribes to its strict Code of Ethics. For free consumer guides about navigating the homebuying and selling transaction processes—from written buyer agreements to negotiating compensation—visit facts.realtor.

Gen Z’s Education Shift May Impact Florida’s Entry Level Market

 By Jennifer Warner

The generation coming up make look different on paper than their predecessors.

Gen Z, born between 1997 and 2012, grew up watching Millennials struggle to advance in the economy under the weight of hefty school loans. According to the 2025 National Association of Realtors® Home Buyers and Sellers report, first-time buyers cite high rent and student loans as the top barriers to saving for a home.  While many have parlayed those advanced degrees into well-paying jobs, others have not. In response, Gen Z is increasingly looking to the trades as an on ramp into the workforce, rather than pursuing a traditional four-year degree.

For the third consecutive year, enrollment at vocational public two-year programs has risen sharply, increasing nearly 12% nationwide, according to the National Student Clearinghouse Research Center[1]. Since spring 2020, enrollment at these trade-focused institutions increased almost 20% and now accounts for about 19% of all public two-year enrollment. In Florida, the growth has been even stronger. Enrollment in mechanic and repair technologies/ technicians programs increased by nearly 32% from fall 2022–fall 2025 while enrollment in construction trades increased by 38%.

While freshman enrollment in public four-year institutions has grown modestly (rising about 1.9% in fall 2025), community colleges have posted stronger gains (a 6.7% increase in 2024). The trend points to renewed interest in two-year and career-aligned pathways.

These trends also indicate four-year programs may be as less feasible for some students while shorter, more flexible vocational paths are becoming more appealing.

National trends are also playing out in Florida. The 2024–25 academic year the number of registered apprenticeship and pre-apprenticeship programs increase by 4% while participation in these programs rose 11%, according to the state Department of Education[2]. Interest in these programs is certainly increasing as a viable alternative to a traditional four-year degree and may help backfill the depleted pipeline of electricians, masons and construction workers needed to maintain and create new housing supply.

Emphasis on Workforce Development in Florida

Recently, Gov. Ron DeSantis announced Florida’s achievement as the number one state in the nation for workforce education. Some of the top accomplishments in Florida include[3]:

• During the 2024-25 academic year, Florida saw record-breaking career and technical education (CTE) enrollment, with more than 818,000 K-12 students and nearly 512,000 postsecondary students, representing a 30% increase since the 2018-19 academic year.
• Florida’s adult education programs now serve more than 189,000 individuals statewide, expanding access to education and workforce opportunities.  
• The state has grown its Integrated Education And Training (IET) programs to 582 statewide, serving more than 11,000 students since 2021 and allowing adults to earn credentials while earning their high school diploma.
• Since its inception, the Workforce Development Capitalization Incentive Grant Program has allocated $240 million for workforce education and training, supporting 80 agencies and 812 newly created or expanded programs and increasing workforce capacity by 94%.
• The Pathways to Career Opportunities Grant, which expands registered apprenticeship and pre-apprenticeship programs, has awarded more than $105 million total, with over 350 grant proposals funded and over 20,000 participants.

Implications for Florida’s Residential Real Estate Market

Without long degree programs and heavy student loan debt loads, today’s youngest buyers may be able to enter the workforce and start earning earlier. That could allow them to save sooner and approach homebuying with different priorities. This could  translate into different housing preferences, including smaller homes, condos or townhouses. Younger buyers may be open to purchasing with a roommate or other non-spouse, so the typical 3/2 in the suburbs may not be the right fit. School districts may not be of importance yet, but connection to employment centers will be key.

If this pool of buyers grows, it could increase competition for starter homes, both existing and new construction. Agents may want to watch inventory in lower price tiers when targeting this group. Because trade workers are more likely to be self-employed or have variable income, understanding how to work with nontraditional income sources may also become more important.

Takeaways

Gen Z is not abandoning the traditional pathways paved by the previous generation. Instead, they are more open to exploring alternative paths. Florida’s commitment to multiple education pathways offers a unique set of opportunities to young people looking to make their way in our new, more mature economy. This may offer some new types of customers to Realtors®, particularly in areas where employment in construction and manufacturing is strong.

[1] Kim, H., Cohen, J., Ibrahim, M., Randolph, B., Holsapple, M., and Shapiro, D. (January 2025), Stay Informed Fall 2024, Herndon, VA: National Student Clearinghouse Research Center.

[2] Florida’s Annual Apprenticeship and Pre-apprenticeship Report, Program Year 2024–2025, Florida Department of Education.

[3] Florida Office of the Governor. “Florida Reaches #1 in Workforce Education.” Press Release, 2026.

 Jennifer Warner is an economist and Director of Economic Development

© 2026 Florida Realtors®

Equity-Rich Buyers, Sellers Are Driving Today’s Housing Market

 NAR REALTOR® News

Find out which generation is leading the housing market from NAR’s 2026 Home Buyers and Sellers Generational Trends report, which breaks down who’s buying and selling and the trends driving moves.

© Skynesher / E+ / Getty Images

Adults ages 61 to 79 continue to dominate the housing market, making up the largest group of home buyers and sellers, according to the National Association of REALTORS®’ newly released 2026 Home Buyers and Sellers Generational Trends report.

One thing they all have in common: trusting a real estate professional throughout their housing transaction. NAR reports 88% percent of all buyers purchased their homes through a real estate agent, while 91% of sellers worked with an agent.

Last year, baby boomers overtook millennials—the largest U.S. population—to become the biggest force of home buyers and sellers, proving to be a powerful backbone to the housing market. Their soaring home equity from decades of ownership may be freeing them to be more agile than other age groups who are struggling to afford higher home prices.

Baby boomers accounted for 42% of buyers and 55% of all home sellers—the highest of any other age group, according to NAR’s 2026 report.

“The housing market remains sharply divided between homeowners with equity and first-time buyers trying to break in—many of whom are younger millennials,” says Jessica Lautz, NAR’s deputy chief economist. “For many younger households, affordability challenges and limited inventory are still making homeownership difficult to achieve.”

The breakdown of home buyers, according to NAR’s 2026 Home Buyers and Sellers Generational Trends report:

• Baby boomers (1946–1964; ages 61 to 79): 42% (unchanged from last year)
• Millennials (1980–1998; ages 27 to 45): 26% (down from 29% last year)
• Gen X (1965–1979; ages 46 to 60): 25% (up from 24% in 2025)
• Gen Z (1999–2011; ages 18 to 26): 4% (up from 3% last year)
• Silent Generation (1925–1945; ages 80 to 100): 4% (unchanged from last year)

First-time buyers have fallen to their lowest share on record, comprising 21% of buyers over the last year, according to NAR’s records dating back to 1981. First-time buyers tend to largely be made up of millennials, those born between 1980 and 1998. Last year, NAR’s 2025 Profile of Home Buyers and Sellers report showed that the median age of first-time buyers climbed to a record high of 40 years old—up from the late 20s in the 1980s.

That said, Lautz recently told Real Estate Today that there may be openings gradually arising for more first-time buyers to get into the market. In March, they accounted for 32% of recent buyers, according to the March 2026 REALTORS® Confidence Index survey.

“We know that first-time home buyers have struggled over the last several years … but they have had slightly better opportunities this winter because mortgage rates ticked down and they saw more inventory than they did last year at this time,” Lautz says. “We know there’s a huge pipeline of young adults who have been waiting on the sidelines for many years, and they want to purchase their first home. That pent-up demand is there.”

Equity Is Helping to Make Moves Happen

For current homeowners, they’re seeing equity soar, particularly among those who’ve owned their homes the longest. For example, older baby boomers—ages 71 to 79—have the longest home tenure with a median of 15 years before selling, according to NAR’s latest report. That lengthier timeline when staying in one home has allowed them to ride the wave of higher home prices.

For example, NAR recently reported that the median existing-home sales price for March was the highest ever recorded for that month—reaching $408,800. That price growth has helped the typical homeowner accumulate $128,100 in housing wealth over the past six years alone. For baby boomers—who’ve held their homes more than double that timeframe—the appreciation is much higher.

“Baby boomers are at a point in life when they have the flexibility to move, often with housing equity to purchase their next home,” Lautz says. “In earlier days, baby boomers—like millennials today—may have moved because of a job change or the need for a larger home. Today, many baby boomers are embracing choice and moving to be closer to family and friends, to downsize or to retire and enjoy a work-free lifestyle.”

That said, older millennials—ages 36 to 45—also are leveraging home equity to become move-up buyers. They’ve comprised 15% of the homebuying share but tend to have the highest median household incomes of any other generation at $132,700. They often tend to purchase the largest homes (at a median of 2,100 square feet).

“Older millennial buyers are now entering middle age, and with that comes with a shift,” Lautz says. “This cohort is now the highest-earning generation of home buyers, buys the largest homes and is most likely to have children living with them. Those traits were once more commonly associated with Gen X buyers, who are now increasingly looking toward empty-nesting and retirement.”

Housing’s Attention Turns to Gen Z

Gen Z is starting to make its mark on the housing market, albeit still representing a small share of buyers, at 4%, and sellers, at 2%. But notably, “they are entering homeownership with the lowest household incomes and are unlikely to be married yet or to have children living in their home,” the NAR report notes.

They’re shunning traditional norms. Thirty-five percent of Gen Z buyers were single females—the highest share among all age groups. Seventeen percent of Gen Z buyers were unmarried couples, also the highest share among all generations.

“What stands out about Gen Z is how confidently they’re beginning to define homeownership for themselves,” Lautz says. “They may still be a small share of the market, but they’re already challenging old assumptions about who buys a home and when. For many of these buyers, marriage and children are no longer the defining milestones before a home purchase. The driving force is simply the desire to own a home of their own.”

Other Trends to Watch

Additional findings that emerged from NAR’s 2026 Home Buyers and Sellers Generational Trends report include:

• Multigenerational living options: Fourteen percent of buyers purchased a multigenerational home, down from 17% last year. Gen X, ages 46 to 60, purchased the highest share of multigenerational homes at 19%. The top motivations for combining households among all age groups were to care for aging parents, for cost savings and because adult children were moving back home.
• Single female force: Females are increasingly buying solo—making up a growing share of the homebuying market. “They’re really making a lot of sacrifices to get into homeownership—and that says to me, it’s important to her,” Lautz says. “She wants to be a homeowner.” Indeed, single females accounted for 25% of recent home buyers—second to only married couples at 50%. Only 11% of buyers were single males. The highest percentage of single female buyers was among Gen Z at 35%.
• Down payment help: As home prices have surged, more first-time buyers are looking for help with the down payment. About a quarter—or 26%—of younger millennials received down payment help in the form of a gift or loan from a friend or relative. Millennials, in general, may increasingly turn to help due to their high amounts of debt, notably from student loans. About 40% of younger millennials reported student loan debt, with a median balance of $30,000, as well as 27% of older millennials with a median balance of $40,000.
• Real estate agent reliance: Regardless of age, most buyers start their house hunt online, but they cite real estate agents as their most-used information source. Younger buyers usually seek help in understanding the purchase process, whereas older buyers tend to most appreciate agents who point out unnoticed features and faults with a property.

Overall, among all age groups, home buyers and sellers value real estate agents’ negotiation skills, list of service providers and help in improving the buyer’s knowledge of search areas for homes.

Melissa Dittmann Tracey

Melissa Dittmann Tracey is a contributing editor for REALTOR® Magazine and editor of the Styled, Staged & Sold blog.

• Content by Melissa Dittmann Tracey

U.S. Spring Housing Market Shows Resilience

 Realtor.com April report: U.S. home prices fall for 6th straight month, but fewer price cuts indicate that sellers are entering the market with realistic expectations.

AUSTIN, Texas — Despite a turbulent start to the month marked by spiking gas prices, rising mortgage rates and declining consumer sentiment, the spring housing market showed surprising resilience in April, according to the recently released Realtor.com® April 2026 Monthly Housing Trends Report.

New listings climbed 1.1% year-over-year, median list prices fell for the sixth straight month, and the share of sellers cutting prices actually declined – signaling that rather than panicking, sellers are entering the market with realistic expectations.

"The worry going into April was that history would repeat itself," said Danielle Hale, chief economist for Realtor.com®. "Last spring, tariff-driven uncertainty and recession fears hit in early April, sidelining sellers and buyers and setting up a cruel summer marked by parties too far apart to transact. This year, different triggers like the Iran conflict, spiking gas prices, surging mortgage rates have threatened the same outcome. The hope was that sellers would continue coming to market at the strong March pace, and that buyers would keep engaging despite the volatility. By those measures, April delivered."

New listings grow despite geopolitical worry

New listings rose 8.7% month over month and 1.1% year over year in April. The gains were especially pronounced in the Northeast (+9.4% year over year) and Midwest (+6.6%), two regions that have struggled with tight inventory for years. The South and West posted much more modest movement (+0.6% and -3.5%, respectively). At the metro level, Virginia Beach, Indianapolis and Louisville, Ky., led the nation in new listing growth.

The strength of new listings is particularly meaningful given what happened a year ago. Last spring, seller activity collapsed almost immediately when economic uncertainty hit, setting up a season where buyers and sellers were simply too far apart to transact. April's results suggest that this year's sellers – particularly in the inventory-starved Northeast and Midwest – are choosing engagement over retreat.

Prices fall for 6th straight month; sellers pricing to move

The national median list price was $425,000 in April, up 2.3% from March in a typical seasonal pattern, but down 1.4% year over year – extending a streak of flat or declining annual prices that now spans the past nine months. Price per square foot, which accounts for the changing size mix of homes on the market, fell 2.4% year over year to $227.

Year-over-year median list price declines were recorded across all four major regions, ranging from -3.1% in the West to -0.1% in the Midwest. The sharpest declines were concentrated in the South and West: Memphis (-12.9%), Austin (-9.5%), and Los Angeles (-8.1).

Perhaps the most telling price signal in April came from what did not happen: price cuts fell rather than spiked. The share of active listings with a price reduction declined 1.2 percentage points year over year to 16.7% – even as overall list prices continued to soften.

"Compared to last year, 2026 has seen both fewer price cuts and lower median list prices," said Jake Krimmel, senior economist for Realtor.com. "That combination suggests sellers have internalized the generally more buyer-friendly market conditions and are adjusting price expectations before listing rather than after. This is a meaningful behavioral shift."

Active inventory continues to rise, though growth is decelerating

Active listings rose 4.6% year over year to 1,002,935 in April, a continued improvement even as the pace of growth has moderated from last month's 8.1% gain. National inventory remains 11.8% below typical 2017–2019 pre-pandemic levels, down from a 13.8% deficit last month.

Notably, new listings growth is slightly accelerating while active inventory growth is decelerating – a divergence that implies fresher inventory cycling through the market. Whether that translates into more sales will be the key question for May.

Homes still taking longer to sell; market remains faster than pre-pandemic

In April, the median home spent 52 days on market, two days longer than a year ago – marking the 25th consecutive month of year-over-year deceleration in the pace of sales. Even so, homes are still selling four days faster than pre-pandemic norms. Time on market edged higher across all three of the four regions (Midwest +3; South +3; West +4 days) and dropped in the Northeast (-1 day.)

Mortgage rate volatility fades; buyers remain engaged

After peaking at 6.46% on April 2nd, mortgage rates fell for three consecutive weeks, finishing the month below 6.30%. While rates remain higher than they've been over most of the last 6 months, they are meaningfully lower than the prior two Aprils – 7.17% in April 2024 and 6.81% in April 2025 – providing buyers with a genuine affordability improvement compared to recent springs. Mortgage purchase applications, which had slipped in March, rebounded in April, consistent with the uptick in new listings and suggesting buyers have not been fully sidelined by the volatility.

"Although rates have eased from their peak in early April, they are still higher than earlier this year, but well below the past two Aprils," said Krimmel. "Between the rebound in mortgage purchase applications and the continued rise in new listings, it looks as though buyers are relatively unfazed by the volatility. Even so, a resolution to the recent geopolitical uncertainty would do a world of good for the U.S. consumer and homebuyer."

Looking ahead to May

The key variables to monitor heading into May are whether new listing momentum holds – particularly in the Northeast and Midwest, where those gains are critical to breaking the high-price, low-inventory lock-in cycle – and whether lower list prices translate into more pending sales. New listings growth is accelerating while active inventory growth is decelerating, a gap that implies more sales and fresher inventory. May's pending sales data will confirm whether the price correction is working.

"It's too early to declare the spring housing market has weathered the storm, but there's renewed reason for cautious optimism," said Krimmel. "The leading indicators that would signal trouble – seller pullback, spiking cancellations, surging price cuts – are, if anything, moving in the right direction. New listings are up, contract cancellations are normal, and seller price cuts that can reveal concern are down."

Methodology: Realtor.com housing data as of April 2026. Listings include the active inventory of existing single-family homes and condos/townhomes/row homes/co-ops for the given level of geography on Realtor.com; new construction is excluded unless listed via an MLS that provides listing data to Realtor.com. Realtor.com data history goes back to July 2016. The 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB-202301) and Claritas 2025 estimates of household counts.

Source: Realtor.com®

© 2026 Florida Realtors®