April Existing Home Sales totaled 4.68mm annualized, 20k more than
expected and up from a revised 4.55mm in March which was revised lower
by 20k, so taken together it’s about in line with the consensus. The
negative within the data was the months supply which rose to 10.2 from
9.6 and is now at the highest since Nov as both single family and
condos/co-ops inventory to sales ratio rose. The absolute # of homes for
sale rose 8.8% to 3.97mm and the NAR economist said that’s due to
seasonals, Whateva. The median price y/o/y fell 15.4% but rose a touch
m/o/m to $170,200. The NAR said 45% of sales were considered
‘distressed’ properties. Sales in the West which has seen most of the
distressed sales, rose 3.5% m/o/m and are up 19.4% y/o/y with a median
price down 21.8% y/o/y. The South saw sales up 1.8% m/o/m but down 8.9%
y/o/y. The Northeast rose 11.6% m/o/m but are down 10.5% y/o/y while the
Midwest fell 2% m/o/m and are down almost 10% y/o/y.