The spring exhale.
After March posted the cleanest spring acceleration in this dataset, April pulled the brakes. Eighteen single-family closings against twenty-three last April, dollar volume down a third, and active inventory up fifty percent year over year. The median sat essentially flat against last April; the average pulled down on a lighter top-end mix.
What looks bad on the count line is partly calendar (the spring closings that would have landed in late April flowed into May), and partly the natural pull-back after a March that overperformed on the high end of expectations. New listings came in at twenty-eight against twenty-two a year ago, so the supply side did not relent.
This is the moment where the back-half of spring decides the year. With inventory now meaningfully higher than this time last year and closings stepping back, the pricing discipline of sellers entering the market in May becomes the marginal factor. For sellers thinking through the timing, the should I sell now or wait calculator is a useful starting point.