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April US Existing Home Sales Rise Less Than Expected

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The pace of US existing home sales increased by 0.2% to a 4.02 million seasonally adjusted annual rate in April from 4.01 million in March, below the expectations for a 4.05 million rate in a survey compiled by Bloomberg as of 7:35 am ET, data from the National Association of Realtors released Monday showed.

Total sales were unchanged from a year earlier.

"Despite mixed macroeconomic signals -- including a record-high stock market and historically low consumer confidence -- home sales were modestly boosted by the continued improvement in housing affordability," said NAR Chief Economist Lawrence Yun. "Mortgage rates are lower from a year ago, and average income growth is outpacing home price gains."

Sales of single-family homes were unchanged, while condominium sales rose by 2.7%.

Sales were up in the Midwest and South regions of the country but fell in the West region and held steady in the Northeast region. Compared with a year earlier, sales rose in the South region, decreased in the Northeast and Midwest regions and held steady in the West region.

Homes remained on the market a median of 32 days, down from 41 days in March but above 29 days a year ago.

The supply of homes for sale jumped by 5.8% to 1.47 million homes in April from 1.39 million in March, up 1.4% from the 1.45 million level a year ago.

"The increase in second-home purchases reflects stronger finances among higher-income households, as well as the post-COVID rise in remote work and hybrid job schedules," Yun added.

The month supply on market increased to 4.4 months from 4.2 months in March and 4.3 months supply a year ago.

The median home price increased to $417,700 from $409,100, up 0.9% from $414,000 level one year ago.

The monthly existing home sales report from the National Association of Realtors measures sales of single-family and multi-family homes for resale at the time of closing, including the number of existing homes available and the median sales price. A strong reading is a positive sign for mortgage lenders and related consumer product companies.

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