Last Update: 22-May-19 17:10 ET
Existing Home Sales
- Existing home sales decreased 0.4% month-over-month in April to a seasonally-adjusted annual rate of 5.19 million (Briefing.com consensus 5.35 million) from an unrevised 5.21 million in March.
- Total sales were 4.4% lower than the same period a year ago.
- The median existing home price for all housing types increased 3.6% year-over-year to $267,300, representing the 86th consecutive month of year-over-year gains. The median existing single-family home price was $269,300, up 3.7% year-over-year.
- Existing home sales across regions: Northeast (-4.5%); Midwest (flat); South (-0.4%); and West (+1.8%).
- Median home prices by region: Northeast (+0.9% to $277,700); Midwest (+5.5% to $210,500); South (+4.4% to $236,800); and West (+1.3% to $395,100).
- Single-family home sales were down 1.1% month-over-month to a seasonally adjusted annual rate of 4.62 million, and were down 4.0% year-over-year.
- The inventory of homes for sale at the end of April increased to 1.83 million from 1.67 million in March. The inventory was up 1.7% from a year ago.
- Unsold inventory stood at 4.2-month supply at the current sales pace versus 3.8 months in March. This is below the 6.0-months' supply typically associated with a more balanced market.
- 53% of homes sold in April were on the market for less than a month. First-time buyers accounted for 32% of sales in April, down from 33% in March and a year ago. All-cash sales made up 20% of transactions in April, down from 21% in March and one year ago.
- The key takeaway from the report is that overall sales activity remained light despite a drop in mortgage rates and a pickup in income, demonstrating that limited inventory and relatively high prices continue to impede existing home sales.
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