CNBC’s Diana Olick joins 'The Exchange' to discuss the most recent housing data and headlines.

April home sales in the United States have reached their slowest pace since 2009, according to recent data discussed by CNBC’s Diana Olick. The average rate on a 30-year fixed mortgage climbed above 7%, reaching 7.07%, which is significantly higher compared to previous periods.

The reported sales figures are based on home closings, reflecting contracts signed in February and March, prior to recent stock market shifts and the latest increases in mortgage rates. The cancellation rate on contracts in April rose to 7%, almost twice the rate seen in March.

An increase in the number of homes for sale was noted, with national inventory levels up nearly 21% compared to a year ago, marking the highest supply in five years. This rise in supply has begun to influence prices, with the national median price for an existing home in April at $414,000, an increase of just 1.8% from the previous year. This represents the smallest annual price gain since July 2023, with both the South and West regions experiencing price declines.

Sales activity showed more strength in homes priced over $250,000, while sales of less expensive homes declined. However, the gains in the higher-end market are narrowing as well, a trend attributed to recent developments in the stock market.



April home sales are the slowest since 2009

More evidence of the toughest spring market in a few decades. Diana Olick is here to break it down. Diana? Well, Kelly, let's start with mortgage rates, which have had a very rough week. The average rate on the 30-year fix moved over 7% on Monday, then jumped 9 more basis points yesterday, down 1 point today, but still at 7.07%. Then, disappointing data this morning on April home sales, which came in at the slowest April sales pace since 2009. This count is based on closings, so it really reflects activity in signs contracts from February and March, which was actually before the big stock market swoon from the tariff announcement and before mortgage rates really took off again. Interesting, the cancellation rate on contracts in April was 7%. That's nearly twice what it was in March. Now, even more interesting in this report is the supply of homes for sale, which is making big gains because so little is selling. Inventory jumped nearly 21% from a year ago to the highest level in five years. That's nationally, and more supply is starting to cool prices. The median price of an existing home sold in April, $414,000, up just 1.8% year-over-year. Both the South and the West regions saw prices fall, but that national annual price gain is the smallest since July of 2023. Activity is stronger on the higher end of the market, with gains in sales for homes priced over $250,000, and declines in sales of homes priced below that. But even those higher-end gains, they're shrinking, too. The realtors say that's all about the stock market. Kelly? Hmm, so we'll see if that turns around at all now that the market has, too. Diana, for now, thanks. Appreciate it, Diana Ole.

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