- Existing home sales slid 0.4% from March to a seasonally adjusted annual rate (SAAR) of 5.19 million in April. Total sales fell 4.4% from April 2018.
- Inventory at the end of April was up 9.6% from March to 1.83 million and up 1.7% from a year ago.
- The median existing-home price in April was $267,300, up 3.6% from April 2018. It was the 86th straight month of year-over-year gains.
Despite encouraging buying conditions, existing home sales continue to flounder following a dismal fall and winter. The economy in April enjoyed a robust labor market, strong consumer sentiment and low mortgage rates-and was untouched by subsequent trade tensions with China. Yet an inventory shortage persists, with a greater share of listings reporting price cuts and in some months also sitting on the market longer, indications that the pace of this existing home sales may continue to suffer or possibly recover slowly going forward.
The post April Existing Home Sales: Continuing to Flounder appeared first on Zillow Research.
via April Existing Home Sales: Continuing to Flounder
No comments:
Post a Comment