With theSpring selling season already in tatters, existing home sales were expected to rebound in April very modestly (+2.0% MoM) off recent record lows. However, the rebound was far less than expected, up just 0.2% MoM, which left sales ofexisting homes unchanged YoY...
Total existing home sales SAAR hover just above 4.00 million homes...
The NAR report showed themedian selling price rose 0.9% from a year earlierto $417,700 last month - the highest for any April on record.
The inventory of previously owned homes increased from a year agoto 1.47 million - the most for any April since 2019.
“Even though it’s the highest inventory post-Covid, we are not close to the pre-Covid April inventory of 1.83 million,”Lawrence Yun, NAR chief economist, said on a call with reporters.
Contract closings rose in the Midwest and South, according to the NAR. They fell to a three-month low in the West.
Finally, it appears home sales are becoming less and less elastic relative to mortgage rates (which had fallen notably during the period of reporting)..
And, as the chart shows, mortgage rates are recently on the rise again...which will not help the situation at all.
Source: ZeroHedge News
