Pace of Existing Home Sales in the U.S. SlipsMay 24, 2017
Having ticked up 4.4 percent in March to a ten-year high, the pace of existing-home sales in the U.S. slipped 2.3 percent in April to a seasonally adjusted annual rate of 5.70 million transactions, which is 1.6 percent above the pace at the same time last year versus 5.9 percent higher on a year-over-year basis in March.
At the same time, the median price for the homes that traded hands in April ($244,800) was 3.6 percent higher than the month before and 6.0 percent higher versus the same time last year ($239,900) while the inventory of existing homes on the market climbed 7.2 percent to 1.93 million homes but remains 9.0 percent lower on a year-over-year basis.
Out West, the pace of existing-home sales dropped 3.3 percent in April to an annual rate of 1.18 million sales but remains 3.5 percent higher versus the same time last year, down from 5.2 percent higher on a year-over-year basis in March and 9.6 percent higher in February.
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