Noteworthy Highlights:

• New Listings dropped 28.1% compared to April of last year - while it feels like more homes are coming on the market over the past few weeks, the reality is we are still significantly down from last year's numbers which is why we're still seeing many of the same challenges.

• Due to the low number of homes for sale, buyers continue to see a very aggressive market with a large number of homes receiving multiple offers. Through the winter months we started to see home inspection contingencies make a return and while buyers can for the most part still include a home inspection in their offer, very popular homes with tons of offers are requiring some to again forego the home inspection contingency or their agents are having to get more creative with how they are including it.

• The median sales price jumped 4.9% from $419,900 which is where it sat in March. Homes in April sold for an average of 3.5% over their asking price, compared with 5% over the previous month. If mortgage rates do start to trend down, home prices will likely stay pretty consistent to where they are now though more buyers may re-enter the market fueling some further competition and multiple offer situations.

• While the median days on the market has stayed in the same range, the average days on the market is trending upward, increasing by 42% year-over-year and jumping 24% from March.

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