Early Read on Existing Home Sales in April

From housing economist Tom Lawler: Based on available local realtor association/MLS reports from across the country, I estimate that US existing home sales as measured by the National Association of Realtors ran at a seasonally adjusted annual rate of 5.20 million in April , up 0.2% from March's pace and up 9.5% from last April's seasonally-adjusted pace. On the inventory front, local realtor/MLS reports suggest that the monthly gain in the inventory of existing homes for sale last month was smaller than last April's huge jump, and I project that the NAR's existing home inventory estimate for ......(read more)

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