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The one place in the U.S. where people ARE buying more homes and defying national trends is revealed
Despite dismal home sales trends at the national level, one U.S. state is defying the odds.
While rates fell throughout the country last month, sales in Delaware rose year over year for the first time in nearly three years.
Existing home sales for the month of April, excluding new construction, jumped 9.78 percent to 1,122 year over year, according to data from the Delaware Association of Realtors.
Sales reached a new peak since September 2023 and marked the first time since 2021 that monthly sales were higher year over year.
Delaware also beat out regional trends in the South, where sales decreased 1.6 percent from March and 3.1 percent from the previous year.
The Diamond State is technically classified as part of the Southern U.S. by the Census Bureau, despite sitting in the mid-Atlantic region.
While home sales rates dropped throughout the country in April, sales in Delaware rose year over year for the first time in nearly three years
'This April showcased a dynamic housing market in Delaware, with a surge in both listings and sales,' George Thomasson, president of the Delaware Association of Realtors, said in a press release.
The median sold price in Delaware climbed to $387,500, up 4.97 percent from March and up 6.51 percent from April 2023.
By comparison, the housing market across the rest of the country wasn't looking as hot.
Sales throughout the U.S. dropped 1.9 percent from March and 1.9 percent from April 2023, according to a report from the National Association of Realtors.
The median sold price last month was $407,600, an increase of 5.65 percent year over year and up 3.58 percent from a month prior.
The South lingered slightly behind these trends as median home prices rose to $366,200, up 3.7 from 2023.
'The significant increase in active inventory provides buyers with more choices, while rising median prices reflect the enduring value of properties in our state,' Thomson said.
'However, we must acknowledge the ongoing inventory crisis, which continues to pose challenges for both buyers and sellers.'
The housing shortage plaguing the U.S. market is compounded by factors including lingering effects of the Great Recession as well as skyrocketing mortgage rates, which reached their highest point in more than two decades late last year.
The median sold price in Delaware climbed to $387,500, up 4.97 percent from a month prior
The median sold price in Delaware climbed to $387,500, up 4.97 percent from March (pictured: a home in Magnolia - listing price $310,000)
George Thomasson, president of the Delaware Association of Realtors, said rising median prices reflect the 'enduring value of property' in the state (pictured: a home in Millsboro - listing price $860,000)
The supply of homes for sale in the country reached a record low in January 2022. While it has risen since then, analysts say it is not enough to meet demand.
Across the nation, the inventory of homes for sale was 1.21 million in April, an increase from 1.11 million in March and 1.04 million last April. The number of homes listed for sale in Delaware also rose 27.27 percent year over year.
Buyers across the U.S. appeared to be snapping up properties faster, with homes on the market for an average of 26 days, down from 33 days in March, but not as quickly as buyers last April.
As for other regional trends, sales fell 4 percent from March in the Northeast, reaching an annual rate of 480,000 - a drop of 4 percent from a year ago. Median home price was up 8.5 percent year over year.
In the Midwest, sales dropped 1 percent compared to a month ago, reaching an annual rate of 1 million. Sales were are down 1 percent from April 2023. The median price, however, rose to $303,600, up 6 percent from last year.
And in the West, sales saw a 2.6 percent decrease from last month, reaching an annual rate of 760,000 in April. However, rates jumped 1.3 percent from April 2023. The median home price of $629,600 was also up 9.3 percent year over year.
While buyers are pouncing on newly built homes across the country, analysts caution that sales of existing homes, which comprise the majority of the market, have stilled.
However, this lukewarm demand is boosting the country’s low housing supply, helping counter the inventory crisis.
Home inventory also saw an increase in the Diamond State, as the number of homes listed for sale in April rose 27.27 percent year over year
Despite mortgage rates surpassing 7 percent and home prices continuing to rise last month, some market segments proved resilient.
High-end home sales, meaning listings at $1 million and above, jumped 40 percent last month compared to April 2023. Nevertheless, all four major regions of the U.S. saw a drop in home sales.
'Home sales changed little overall, but the upper-end market is experiencing a sizable gain due to more supply coming onto the market,' NAR Chief Economist Lawrence Yun explained.
The high-end market saw listings increase 34 percent year over year in April.
Despite escalating home prices and mortgage rates, hopeful first-time buyers feel optimistic about the 2024 market, according to TD Bank's First-Time Homebuyer Pulse survey.
Nearly three in four Americans who plan to buy their first home have faith in the housing market and their personal finances, according to TD Bank’s First-Time Homebuyer Pulse survey.