Published: 2024-05-22T14:11:28.000Z
U.S. April Existing Home Sales - Extending correction from strong February rise
Senior Economist , North America
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April existing home sales with a 1.9% decline to 4.14m follow a 3.7% decline in March in a continued correction from a surge of 9.5% in February. 2023 also saw a strong rise in February and a steady slowing in the months that followed.
Rising mortgage rates in Q1 are weighing on housing sector activity and there is still some further feed through from that likely to be seen through Q2. Detail shows modest declines in all four regions.
The average price rose by 3.7% on the month and while some of this rise is seasonal it significantly exceeds the ruse of April 2023m lifting yr/yr growth to an 18-month high of 5.7% from 4.7%.
