The median existing single-family home price was $259,900, a 5.5 percent annual increase and condo/coop prices rose 3.4 percent to $242,500. The increase marks the 74th straight month of year-over-year gains. The median existing-home price for all housing types in April was $257,900, up 5.3 percent from the median of $245,000 a year ago. However, inventory shortages are even worse than in recent years, and home prices keep climbing above what many home shoppers are able to afford.” “Realtors® say the healthy economy and job market are keeping buyers in the market for now even as they face rising mortgage rates. Lawrence Yun, NAR chief economist, says “The root cause of the underperforming sales activity in much of the country so far this year continues to be the utter lack of available listings on the market to meet the strong demand for buying a home,” he said. What NAR called “staggeringly low inventories” of available homes again got the blame for the disappointing sales volume even though that inventory rose sharply from March. Condo and co-op sales continued their recent strong performance, rising 1.6 percent to 620,000 units, level with sales in April 2017. Single-family home sales were down by 3.0 percent to a seasonally adjusted annual rate of 4.84 million from 4.99 million in March and are 1.6 percent below the 4.92 million sales pace a year ago. The consensus was for no change from the March 5.60 million number. Estimates ranged from 5.48 million to 5.64 million. Mortgage News Daily reports Existing Home Sales Reverse Course, Down 3%.Įconomists polled by Econoday were not looking for greatly improved numbers but results even missed that target. Sales have pretty much stagnated since June of 2015! Last month sales were down 1.2% year-over-year. Overall sales fell 2.5% for the month and were lower than even the lowest estimate. The Econoday economists missed the mark badly this month on existing home sales.
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