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Home Sales Whacked by Mortgage Rates. Active Listings & Price Reductions Jump to Highest in Years, but Sales of High-End Homes Surge.

May 23, 2024

This surge in sales of high-end homes changed the mix and thereby skewed the median price.

Sales of existing homes of all types were still dogged by the 7% mortgage rates, but a shift has been taking place that took amplitude in April: Many more higher-end homes came on the market and sold, while fewer mid-range homes sold. This shift impacted all kinds of metrics, from inventory for sale to the median price.

So the seasonally adjusted annual rate of sales of single-family houses, townhouses, condos, and co-ops fell by 1.9% in April from March, to an annual rate of 4.14 million homes. Compared to the Aprils in prior years:

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