Housing inventory, prices up in April

In a month that typically sees an increase in sales ahead of the peak summer season, April 2022 saw sales remain essentially flat from March, increasing by less than 1% throughout the month.

According to RE/MAX April 2022 Housing Market Report, the drop in monthly sales also equated to a 12.8% year-over-year decline, but in contrast, new listings rose 11.5% from March to April, resulting in a 24% increase in inventory month over month. Inventories stand at 0.8 months of supply, compared to 0.7 months in March.

The median price of a standard single-family home also rose 3.4% to $420,000 from March. This equates to a price increase of 15.1% on an annual basis from April 2021.

The average asking price-to-sale price ratio measures how well homes are selling relative to their asking price and in April the average sale-to-list price ratio was 104% of the list price, compared to 103% in March and 101% in April 2021. .

When it comes to selling a home, RE/MAX found that the average home spends 26 days on the market, five days less than in March and two days less than a year ago.

“Overall, the housing market remains strong, with rapid sales and demand easily outpacing supply,” said Nick Bailey, President and CEO of RE/MAX. “We are starting to see a cooling in sales, which is not surprising given the record 2021 results and the recent rise in interest rates. This should create more balance over time, thwarting the market from frantic sellers we’ve had for so long. Driven by generational demand, rising rental costs and still relatively low interest rates, 2022 could still be among the best years of the past decade.

RE/MAX gathered data for this report by monitoring MLS data on the country’s 53 major metropolitan areas. Click here to see the full report, including city-level breakdowns.