The Home Buyer's Korner

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May 27th, 2015

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Existing Home Sales for April 2015

Homes Sales

Once again economists were surprised by recent economic data with Existing Home Sales falling in April by 3.3 percent month-over-month to an annualized rate of 5.04 million.  Most housing economists had expected sales of +0.8% month-on-month to an annualized rate of 5.23 million.

In March, existing home sales rose 6.1 percent to an annualized rate of 5.19 million. It was the fastest rate of growth in 18 months and the reading was revised up to 5.21 million. Existing home sales include completed transactions on single-family homes, town homes, condominiums, and co-ops.

The chief economist Lawrence Yun with the National Association of Realtors, wrote in their most recent release: “April’s setback is the result of lagging supply relative to demand and the upward pressure it’s putting on prices. However, the overall data and feedback we’re hearing from Realtors® continues to point to elevated levels of buying interest compared to a year ago.”

Single-family home sales fell 3.7 percent to an annualized rate of 4.43 million.

The rate of sales on existing condos and co-ops were unchanged from March at 610,000, and 3.4 percent higher year-over-year.

The share of first-time buyers was at 30 percent in April and unchanged from March.

Last week, we got data showing that housing starts surged 20.2 percent in April to an annualized pace of 1.135 million and the highest level since November 2007.

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