Existing Home Sales Fall While Prices Rise
May 24, 2017
Existing home sales for the month of April fell more than expected, down 2.3% for the month. Single family sales dropped 2.4% while multifamily dropped 1.6%. The biggest drop came from the South where sales fell 120k or 5.0% MoM. Sales in the South were particularly strong in the first three months of the year as a warmer winter likely inflated early year activity. The median price of homes sold rose 3.5% during the month. Multifamily prices have accelerated notably over the last two months which may be playing into affordability. The inventory of existing homes for sale did rise but remain very tight at just 4.2 months of supply. Combined with the disappointing New Home Sales report from Tuesday, the April housing data once again shows just how bumpy the housing data has become.