Existing home sales slip in April
Single-family sales fell 0.5%, while condominium and co-op sales slumped 3.1%. The Midwest was the only region showing a gain (5.7%). Sales fell 1% in the South, 1.6% in the West, and 7.5% in the Northeast.
The months supply at current sales pace indicator of inventory rose to 9.2 from 8.3; that was the highest since November. The raw number of homes for sale fell 3.9% from a year ago to a still-elevated 3.87 million. The median price of a used home rose 2.4% to $163,700 from $159,800 a month earlier. But that was still down 5% from a year ago.
The latest used home sales figures confirm what we've already seen in other reports. Sales remain lackluster, inventories remain elevated, and pricing remains weak. Buyers see little reason to jump into the market, given the ongoing economic weakness and concern about the future direction of home prices.