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Existing Home Sales Mostly Hang Onto Feb Surge, Large Regional Price Differences

  • Existing home sales were slightly softer than expected in March at -2.4% M/M (cons -1.8) as they held onto the bulk of February’s surprising surge at 13.8% M/M (prior 14.5).
  • Sale prices at -0.9% Y/Y saw the second month in negative territory (technically -0.03% Y/Y in Feb), masking a large divide between regions with West prices down -7.5% Y/Y but up slightly in Y/Y terms in the other three major regions.
  • Months of supply meanwhile maintained last month’s dip to 2.6, looser than the ~2 readings of Mar 21/22 but still tighter than the 3.8 averaged through March 17-19.

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