April existing home sales -2.5% to 5.46m....>

US DATA: April existing home sales -2.5% to 5.46m SAAR (-1.4% y/y), below

expectations for 5.58m. This followed an unrevised 5.60m pace in March. Sales

remain within a narrow range, the NAR said. 

- The April sales pace is slightly behind the 5.51m first quarter average,

suggesting little forward momentum.

- Sales were -3.0% for single-family homes and +1.6% for condos. Sales fell in

the NE (-4.4%), South (-2.9%), and West (-3.3%) and were unchanged in the

Midwest.

- The supply of homes +9.8% to 1.80m to start the spring selling season, but

still -6.3% y/y. The months supply jumped to 4.0 months from 3.5 months in

March, but down from the 4.2 months supply a year ago. The median sales price

rose in April to $257,900, +5.3% from a year earlier, still well outpacing the

pace of wage growth. 

- NAR's Yun noted again that supply issue are lifting prices, while rising

mortgage rates are also hurting affordability. Median days on the market 26 days

in April vs 39 days a year ago.