US Existing Home Sales Are Now Down -7.5% Year-Over-YearApril 22, 2014
Existing home sales actually slightly beat consensus estimates for March (4.59 million vs 4.56 million), however, they still declined for 7th time in 8 months. The good news is the decline in March was minimal. Average and median home prices also both increased in March. Median home prices are at their highest levels since August. Months supply of homes ticked up to 5.2 months which is the highest level in 11 months. This should continue to hold home prices back somewhat during the next quarter.
In other housing news, the FHFA Home Price Index gained again for the 24th time in 25 months, The year-over-year price gain did slow to 6.9%, however.