April market reports: The inventory drought takes its toll on sales

'Demand is easily outstripping supply in most of the country,' says NAR’s Lawrence Yun
  • Home sales slumped in April simply because buyers couldn’t find enough homes to buy.
  • Strong demand drove prices up to record levels and time on market down to new lows.

For the second month in a row, the three-year inventory drought punished sales in April, driving them down on every national market report. This happened despite a demand so strong that prices soared and time on market decreased as homes sold at record pace.