Source: National Association of Realtors
Existing-home sales in the United States declined for the third straight month in April, dragged by higher prices and mortgage rates during the period. XHB is up 0.93%, while ITB is up 1.32%.
- Total existing-home sales fell by 2.4% in April, indicating a seasonally adjusted annual rate of 5.61 million. Year-on-year sales fell 5.9% from 5.96 million.
- Total housing inventory was recorded at 1.030 million units, 10.8% higher than the previous month but 10.4% lower than April 2021’s 1.15 million.
- Unsold inventory stood at 2.2 months’ worth of supply at the current sales pace, higher than the 1.9 months in March but lower than 2.3 months the past year.
- NAR Chief Economist Lawrence Yun said buying activity took a hit from higher prices and mortgage rates, with a downtrend seen in the coming months.
- The median existing-home price was $391,200, up by 14.8% from $340,700 the same month last year.
- Home sales activity is expected to return to pre-pandemic levels following the “remarkable surge” in the past two years.