NAR: Monthly existing home sales fall 0.4% in April

Economists polled by Reuters had forecast existing home sales rising 2.7% to a rate of 5.35 million units in April. Existing home sales, which make up about 90% of U.S. home sales, dropped 4.4%.

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April 2019 Housing Minute Video NAR: Monthly existing home sales fall 0.4% in April – blog post by JoAnn Moss-Ayres’s Blog. Comment and join the discussion.

 · The months’ supply is the ratio of houses for sale to houses sold. This statistic provides an indication of the size of the for-sale inventory in relation to the number of houses currently being sold. The months’ supply indicates how long the current for-sale inventory would last given the current sales rate if no additional new houses were built.

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Boosted by low mortgage rates, existing home sales, released by the National Association of Realtors (NAR), rose to 17-month.

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May existing sales reached a seasonally adjusted rate of 5.43 million units, compared to 5.45 million in April. Total existing home sales include single-family homes, townhomes, condominiums and co-ops. Existing sales increased in the Northeast by 4.6%, but fell by 0.4% in the South, 0.8% in the West and 2.3% in the Midwest.

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The numbers: Existing-home sales ran at a seasonally adjusted annual 5.19 million rate in April, the National Association of Realtors said Tuesday. That was 0.4% lower than March and 4.4% lower.

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Existing-home sales in the South modestly dropped 0.4% to an annual rate of 2.27 million in April, down 1.7% from a year ago. The median price in the South was $236,800, up 4.4% from a year ago.