02:33 PM EDT, 05/22/2025 (MT Newswires) -- Home resales fell by 0.5% to a 4.0 million seasonally adjusted annual rate in April from a 4.02 million rate in March.

Sales were down 2% from April 2024.

Two of the four US regions posted month-over-month sales declines in April, gains in one, and an unchanged reading for another. There were slower sales in three of the four regions compared with a year earlier, with one region unchanged.

"Home sales have been at 75% of normal or pre-pandemic activity for the past three years, even with seven million jobs added to the economy," said NAR Chief Economist Lawrence Yun. "Pent-up housing demand continues to grow, though not realized. Any meaningful decline in mortgage rates will help release this demand."

Homes were on the market for 29 days on average, down from 36 days in the previous month and 26 days a year ago.

The supply of homes for sale rose to a 1.45 million level from 1.33 million in March and was up 20.8% from a year ago. The median sales prices rose by 1.8% year-over-year.

The flash manufacturing reading from S&P Global rose to 52.3 in May from 50.2 in April, suggesting faster expansion after regional data from the New York and Philadelphia Federal Reserve banks indicated contraction. The Kansas City Federal Reserve's manufacturing index, also released on Thursday, rose to minus 3 in May from minus 4 in April, still indicating modest contraction.

The ISM's national manufacturing reading will be released on June 2.

Released at the same time, the flash services reading from S&P Global rose to 52.3 in May from 50.8 in April, also suggesting expansion after negative readings from the New York and Philadelphia Fed banks. The ISM's services reading is scheduled for release on June 4.

The Chicago Federal Reserve's National Activity index fell to minus 0.25 in April from 0.03 in March. The three-month moving average remained at 0.05.

Initial jobless claims decreased by 2,000 to 227,000 in the employment survey week ended May 17, but the four-week moving average rose by 1,000 to 231,500, a fourth straight increase. Initial claims were at a level of 216,000 in the employment survey week ended April 12.

Insured claims rose by 36,000 to 1.903 million in the week ended May 10.

Natural gas stocks rose by 120 billion cubic feet to 2.375 trillion cubic feet in the week ended May 16, down 12.3% from a year earlier but 3.9% higher than the seasonal average for the current week over the previous five years.