US April existing home sales data
- 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.