April’s median existing-home price reached a new high, extending a 34-month streak of year-over-year gains amid tight supply and elevated mortgage rates.
The national median existing-home sales price climbed to $417,700 in April, marking a record high and the 34th consecutive month of year-over-year appreciation. Persistent demand and limited inventory drove the increase despite expectations for a market correction.
Housing supply averaged 1.365 million annualized units, stabilizing prices without flooding the market. Mortgage rates remained elevated at 4.57% on the 10-year Treasury, as the Federal Reserve held its benchmark rate at 3.75% amid inflation concerns.
The trend has continued since mid-2023, defying recession warnings and buyer fatigue. Prospective buyers who delayed purchases expecting a downturn have faced rising entry costs.