April 18, 2024 14:11 GMT
Existing Home Sales As Expected, Relative Supply Slowly Building
US DATA
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- Existing home sales were very close to consensus in March at 4.19m (cons 4.20m) after falling -4.3% M/M (cons -4.1).
- The decline comes after a particularly strong 9.5% increase in Feb, with that increase still looking surprisingly strong considering a much smaller uplift in pending home sales.
- Regionally, there was a partial reversal of recent trends: sales in the northeast increased for the first time since Nov’23 whilst the other major three regions all fell after strong increases.
- The median sales price increased 4.8% Y/Y.
- Months of supply increased on the month from 2.9 to 3.2. That’s up from 2.7 months in Mar’23 but remains below the 3.5-4 range seen in pre-pandemic years.
- NAR Chief Econ: "Though rebounding from cyclical lows, home sales are stuck because interest rates have not made any major moves." "More inventory is always welcomed in the current environment” […] "Frankly, it's a great time to list with ongoing multiple offers on mid-priced properties and, overall, home prices continuing to rise."
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