Existing Home Sales Skid to Pre-Pandemic Level, a Housing Bust is Underway – Mish Talk

The National Association of Realtors reports Existing-Home Sales Retract 2.4% in April

Report Highlights 

• Existing-home sales fell for the third straight month to a seasonally adjusted annual rate of 5.61 million. 
• Sales were down 2.4% from the prior month and 5.9% from one year ago.
• With slower demand, the inventory of unsold existing homes climbed to 1.03 million by the end of April, or the equivalent of 2.2 months of the monthly sales pace.
• The median existing-home sales price increased at a slower year-over-year pace of 14.8% to $391,200.
• All-cash sales accounted for 26% of transactions in April, down from 28% in March and up from the 25% recorded in April 2021.
• Individual investors or second-home buyers, who make up many cash sales, purchased 17% of homes in April, down from 18% in March and equal to 17% in April 2021.
• According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 4.98% in April, up from 4.17% in March. The average commitment rate(link is external) across all of 2021 was 2.96%.