April existing home sales off nearly 7% from last year


April marks the first gain in existing home sales this year, according to the NAR, with the seasonally-adjusted annualized rate rising 1.3% to 4.65M. On a year-over-year basis existing home sales are down 6.8%, and the group's Lawrence Yun allows that annual home sales in 2014 will be lower than last year.

Housing inventory of 2.29M homes gained 16% in April and represents a 5.9 month supply at the current sales pace, up from 5.1 months in March.

The median price of $201,700 is up 5.2% Y/Y.

First-time buyers represent just 29% of all buyers (the same as a year ago), and all-cash sales made up 32% of all transactions (also flat Y/Y).

Regions: Northeast down 6.3% Y/Y to 600K, Midwest down 9.6% to 1.03M, South -3.5% to 1.94M, West -10% to 1.08M

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Comments (9)
  • june1234
    , contributor
    Comments (3818) | Send Message
     
    Down 6.8% yr over yr becomes a 1.3% increase
    22 May 2014, 10:28 AM Reply Like
  • TWagen
    , contributor
    Comments (154) | Send Message
     
    Seasonally adjusted. A little fairy dust and it all looks good !
    22 May 2014, 10:39 AM Reply Like
  • TWagen
    , contributor
    Comments (154) | Send Message
     
    Recovery, what a joke.
    22 May 2014, 10:38 AM Reply Like
  • bbro
    , contributor
    Comments (10933) | Send Message
     
    Existing home inventory to Non Farm Payrolls is now 1.66%...warning level is 2.0%...a year ago it was 1.58\
    22 May 2014, 10:57 AM Reply Like
  • SivBum
    , contributor
    Comments (2555) | Send Message
     
    bbro,

     

    Interesting matrix. What was the norm before the housing boom and during the bust? Better yet, what were the historic data statistics?
    22 May 2014, 11:10 AM Reply Like
  • bbro
    , contributor
    Comments (10933) | Send Message
     
    It went above the 2% barrier in June 2005 set an all time high in July 2007 at 2.93%
    and finally broke down through the 2.0% level in July 2011...set a low of 1.3% in January 2013,,,,
    22 May 2014, 11:28 AM Reply Like
  • jhooper
    , contributor
    Comments (7207) | Send Message
     
    "Existing home sales have struggled to reverse downward momentum from last summer, when both the level of sales and year-over-year growth hit two-year highs. It seems that the boost to sales from historically low interest rates has lost steam, leaving access to credit as the only mechanism left to drive sales. Mel Watt, who took over as the head of the Federal Housing Finance Agency (FHFA) this year, wants Fannie and Freddie to promote easier credit in order to boost housing sales. Supportive credit policy takes time to implement, however, so until easing credit standards make their way through the pipeline, expect housing sales to continue their slow pace unless we see an increase in household incomes."
    22 May 2014, 01:37 PM Reply Like
  • Topcat
    , contributor
    Comments (561) | Send Message
     
    I think the long term outsourcing of well paying jobs, automation, etc. is taking major hold. The fact is, we just don't have enough lower and middle class people with decent incomes anymore. That is what the inequality issue is all about. Many businesses just don't seem to realize that without decent wages, there are fewer and fewer customers for their products. This does not end well. The Great Recession caused (and excused) a big boost to automation, that might have happened at a more gradual pace.
    27 May 2014, 09:58 PM Reply Like
  • jhooper
    , contributor
    Comments (7207) | Send Message
     
    That's a classic pattern of gov regulation.
    28 May 2014, 05:57 AM Reply Like
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