December 8, 2022

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US April existing home sales 5.85m vs 6.07m expected

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US April existing home sales data

US April existing home sales
  • Prior was 6.01m annualized pace
  • Sales m/m -2.7% vs +1.0% exp
  • Median price +19.1% y/y to $341,600 vs $326,300 prior (4.7% m/m rise)
  • Inventory 1.16m, or 2.4 months

The prices tell the story more than the headline. The 4.7% m/m rise is on the heeds of a 5.0% m/m rise the month prior. That’s spiked prices to $341.6K from $310.7K in February.

The drop in sales likely represents some sticker shock as consumers recoil at higher prices. Given widespread reports of new home shortages, I don’t think the buyers who are waiting are going to win.

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