Existing home sales were the odd one out in March (falling as new- and pending-home-sales spiked) but expectations were for a catch-up rebound in April, but did not, dramatically missing the expectation of a 2.7% rise by dropping (again) by 0.4% MoM…
This 0.4% decline comes after existing home sales fell 4.9% MoM in March with a tumbling mortgage rate seemingly not affecting the secondary market…
Single-family units fell 1.1% MoM but Condos/Co-ops jumped 5.6% in April (erasing March’s 5.3% drop).
Supply increased from 3.8 to 4.2 months (the highest since Oct 2018) as median prices jumped to their highest since July 2018.
Only The West saw an increase in sales (up 1.8% MoM) in April, with the Northeast worst, down 4.5% MoM.
Worse still, existing home sales are still down 4.4% year-over-year…
This is the 14th month in a row of annual declines – the longest stretch since the housing crisis over a decade ago…but that’s probably nothing!!
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