The National
Association of Realtors (NAR) reported on Wednesday that the U.S. existing home
sales declined 1.9 per cent m-o-m to a seasonally adjusted rate of 4.14 million
in April from an upwardly revised 4.22 million (from 4.19 million) in March. This
marked
the lowest rate in three weeks.
Economists had expected
home re-sales to rise at a
4.21 million-unit pace last month.
In y-o-y terms,
existing-home sales also fell 1.9 per cent in April.
Across regions, existing-home sales dropped in all four major U.S. regions in April, led by Northeast
(-4.0 per cent m-o-m). In y-o-y terms, three of the four major regions - the
Northeast (-4.0 per cent y-o-y), the South (-3.1 per cent y-o-y) and the
Midwest (-1.0 per cent y-o-y) - demonstrated declines in existing-home sales,
while the West showed an increase (+1.3 per cent y-o-y).
Over the
reviewed period, the median existing-home price for all housing types climbed 5.7
per cent y-o-y to $ $407,600. This represented the tenth straight
month of
year-over-year increases in median existing-home price and the highest price
ever for the month of April.
Single-family
home sales came in at a seasonally-adjusted annual rate of 3.74 million in April,
down 2.1 per cent m-o-m and 1.3 per cent y-o-y. Meanwhile, existing condominium and co-op sales were registered
at a seasonally-adjusted annual rate of 400,000 units in April, unchanged m-o-m and down 7.0 per
cent y-o-y.
Commenting on
the latest data, Lawrence Yun, NAR chief economist, noted that home prices
reaching a record high for the month of April is very good news for homeowners.
“However, the pace of price increases should taper off since more housing inventory
is becoming available,” he added.