MNI BRIEF: US April Existing Home Sales Slide 3.4% To 4.28M

U.S. sales of existing homes fell 3.4% to a seasonally adjusted annual rate of 4.28 million in April, the National Association of Realtors said Thursday, in line with market expectations. From a year earlier, sales have slumped 23.2%. Existing home sales are down 33% since January 2022, the cyclical peak, NAR chief economist Lawrence Yun told reporters.

The national median home price is down 1.7% year-over-year to USD388,800. The inventory of unsold existing homes increased 7.2% from the previous month to 1.04 million at the end of April, or the equivalent of 2.9 months supply.

Home sales remain above recent cyclical lows, said Yun, who has advocated the Federal Reserve pause its rate hikes and said the May hike was unnecessary and harmful. "The combination of job gains, limited inventory and fluctuating mortgage rates over the last several months have created an environment of push-pull housing demand.”