1st Look at Local Housing Markets in April
This is the first look at several early reporting local markets in April. I’m tracking over 40 local housing markets in the US. Some of the 40 markets are states, and some are metropolitan areas. I’ll update these tables throughout the month as additional data is released.
Closed sales in April were mostly for contracts signed in February and March when 30-year mortgage rates averaged 6.84% and 6.65%, respectively (Freddie Mac PMMS). This was a decrease from the average rate for homes that closed in March. Any negative economic impacts from policy mostly happened in April, and that will probably not impact existing home sales until the May or June reports.
NOTE: The tables for active listings, new listings and closed sales all include a comparison to April 2019 for each local market (some 2019 data is not available).
Active Inventory in April
Here is a summary of active listings for these early reporting housing markets.
Inventory was up 48.5% year-over-year. Last month inventory in these markets was up 47.1% YoY. Inventory is picking up more than usual in the Spring.
There are significant regional differences for inventory, with sharp increases in the South and Southeast (especially in Florida and Texas). These areas haven’t reported yet for March.
Comparing to April 2019, inventory is up sharply in Denver and down in Raliegh and San Diego.
Notes for all tables:
New additions to table in BOLD.
New Listings in April
And here is a table for new listings in April (some areas don’t report new listings). For these areas, new listings were up 13.3% year-over-year.
Last month, new listings in these markets were up 17.8% year-over-year.
New listings are now up year-over-year, but down 9.5% compared to April 2019 activity.
Closed Sales in April
And a table of April sales.
In April, sales in these markets were down 0.9% YoY. Last month, in March, these same markets were down 1.3% year-over-year Not Seasonally Adjusted (NSA).
Note that most of these early reporting markets have shown stronger year-over-year sales than most other markets for the last several months.
Important: There were the same number of working days in April 2025 (22) as in April 2024 (22). So, the year-over-year change in the headline SA data will be close to the change in the NSA data (there are other seasonal factors).
Last month, there were the same number of working days in March 2025 (21) as in March 2024 (21). So, the NAR reported year-over-year change in the headline SA data (-2.4%) was close to the change in the NSA data (-3.1%) although there are other seasonal factors.
Sales in most of these markets are down compared to April 2019.
This graph shows existing home sales by month for 2024 and 2025, on a Seasonally Adjusted Annual Rate (SAAR) basis. Last year, the NAR reported sales in April 2024 were at 4.08 million SAAR.
This early data suggests that the April existing home sales report will likely be close to or a little below March sales (SA) and will likely show a year-over-year decrease for the third consecutive month.
But this was just several early reporting markets. Many more local markets to come!