Last Update: 21-May-20 10:42 ET
Existing Home Sales
- Existing home sales plummeted 17.8% m/m in April to a seasonally adjusted annual rate of 4.33 million (Briefing.com consensus 4.32 million). That is the lowest level of home sales since July 2010.
- Total sales were down 17.2% year-over-year.
- The median existing home price for all housing types increased 7.4% year-over-year to $286,800, representing the 98th consecutive month of year-over-year gains. The median price for single-family homes increased 7.3% yr/yr to $288,700.
- Existing home sales across regions: Northeast (-16.9%); Midwest (-12.0%); South (-17.9%); and West (-25.0%).
- Median home prices by region: Northeast (+8.7% to $312,500); Midwest (+9.3% yr/yr to $229,200); South (+6.4% to $249,400); and West (+6.1% to $419,300).
- The inventory of homes for sale at the end of April decreased 1.3% m/m to 1.47 million units. The inventory was down 19.7% from a year ago.
- Unsold inventory stood at a 4.1-month supply at the current sales pace, versus 3.4 months in March and 4.2 months in April 2019. This is well below the 6.0-months' supply typically associated with a more balanced market.
- The key takeaway from the report is that sellers pulled listings amid the COVID-related downturn in demand, yet the inventory constraint translated into higher prices for buyers remaining in the market.
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