Existing sales make up about 90% of the total sales market, as new construction continues to lag historically normal levels of production. The NAR's reading counts closed sales, so it reflects buyers out signing contracts in February and March. The average rate on the 30-year fixed dropped sharply in March, so the expectation had been for a gain in sales, but the Realtors' chief economist said he is not concerned.
The inventory of existing homes for sale increased to 1.83 million, up 1.7% annually to a 4.2-month supply at the current sales pace. Homes sat on the market for an average of 24 days in April, down from 36 days in March and down from 26 days a year ago. Slightly more than half of the homes sold in April were on the market for less than a month.
"Our outlook for the housing market remains largely unchanged," wrote Sam Khater, Freddie Mac's chief economist, in a monthly report. "We still expect stronger home sales and housing starts in the coming months due to favorable market conditions and accelerating wage growth."
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Sales of existing U.S. homes fell 0.4% in April compared with March to a seasonally adjusted annualized rate of 5.19 million units, according to the National Association of Realtors.
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