Existing home sales dips in April
- Prior month 4.44M revised to 4.43M
- US existing home sales 4.28M vs 4.3M estimate
- Inventory of homes for sale at 1.04 million, up 1% from the year before
- 2.9 months of supply. Six-month is considered a balance market
- Existing home sales -3.4% versus -2.6% last month (revised from -2.4%)
- Home sales down over 23% year-over-year
- Realtors blaming the client on tight supply
- Median $388,800, -1.7 from April last year. The decline represents the biggest price decline since April 2012. Median prices, which aren’t seasonally adjusted, were down 6% from a record high of $413,800 in June.
- Higher in the Northeast and Midwest
- Prices fell in the South and West
Existing-home sales have declined for 14 out of the past 15 months and are down roughly one-third since the start of 2022. Mortgage rates have fluctuated after peaking at 7% in October and November. The average rate for a 30-year fixed mortgage was 6.35% in the week ended May 11, according to Freddie Mac.