Existing Home Sales Inched Up in April Amid Ongoing Housing Slump
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April sales were unchanged year-over-year. This count is based on closings, so contracts likely signed in late February and March. The average rate on the 30-year fixed mortgage ended March in the high 5% range, according to Mortgage News Daily, and then shot up sharply, due to the start of the U.S.-Israel war with Iran.
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Washington Times BusinessHomes purchased last month likely went under contract in February and March, when the average rate on a 30-year mortgage ranged from 5.98% - its lowest level in three and a half years - to 6.38%, according to mortgage buyer Freddie Mac. The average rate was at 6.37% last week.
New York Post BusinessHomes purchased last month likely went under contract in February and March, when the average rate on a 30-year mortgage ranged from 5.98% — its lowest level in three and a half years — to 6.38%, according to mortgage buyer Freddie Mac. The average rate was at 6.37% last week.
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A May 11 Existing Home Sales report from NAR shows that sales of existing homes in April inched up by 0.2 percent from the previous month, to a seasonally adjusted annual rate of 4.02 million. Although the sales number missed market expectations of 4.05 million, it marks a reversal from March, when sales decreased 3.6 percent month over month to 3.98 million.
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New York Post BusinessThere were 1.47 million unsold homes at the end of April, up 5.8% from March and up 1.4% from April last year, NAR said. That’s the most homes on the market for the month of April going back to 2019, when the month-end inventory stood at 1.83 million homes.
Washington Times BusinessThere were 1.47 million unsold homes at the end of April, up 5.8% from March and up 1.4% from April last year, NAR said. That’s the most homes on the market for the month of April going back to 2019, when the month-end inventory stood at 1.83 million homes.
CNBCSales of previously owned homes in April were essentially flat compared with March, rising just 0.2% to 4.02 million units on a seasonally adjusted, annualized basis, according to the National Association of Realtors. Housing analysts were expecting a gain of more than 3%.
ZeroHedgeWith the Spring 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 of existing homes unchanged YoY...
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The U.S. housing market has been in a slump since 2022, when mortgage rates began to climb from pandemic-era lows. Sales of previously occupied U.S. homes were essentially flat last year, stuck at a 30-year low. They have remained sluggish so far this year, declining from a year earlier through the first three months of this year.
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New York Post BusinessThe US housing market has been in a slump since 2022, when mortgage rates began to climb from pandemic-era lows. Sales of previously occupied US homes were essentially flat last year, stuck at a 30-year low. They have remained sluggish so far this year, declining from a year earlier through the first three months of this year.
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Those who can afford to buy are benefiting from more properties on the market, although home inventory levels remain well below historical norms.
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Washington Times BusinessThose who can afford to buy are benefiting from more properties on the market, although home inventory levels remain well below historical norms.
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April’s month-end inventory translates to a 4.4-month supply at the current sales pace. Traditionally, a 5- to 6-month supply is considered a balanced market between buyers and sellers.
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Washington Times BusinessApril’s month-end inventory translates to a 4.4-month supply at the current sales pace. Traditionally, a 5- to 6-month supply is considered a balanced market between buyers and sellers.
CNBCInventory in April rose 5.8% from March, but was up just 1.4% from the previous April to a 4.4-month supply. That is still considered tight, as a 6-month supply represents a balanced market between buyer and seller.
3 details only one outlet reported
Independent claims that didn't surface elsewhere in our corpus. Treat as supplementary — not corroborated across outlets.
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01 CNBC "Potential homebuyers shrugged off the current economic and mortgage rate uncertainties and returned to the market," said Joel Kan, an MBA economist in a release.
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02 Washington Times Business As homes take longer to sell, asking prices have started falling in many metro areas, especially in the South and Midwest. The national median home listing price was down in April from a year earlier, according to Realtor.com.
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03 ZeroHedge Source: Bloomberg Total existing home sales SAAR hover just above 4.00 million homes...
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- cnbc
- nypost-biz
- zerohedge
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