US Existing Home Sale: Down in April, up 4.1% so far 2017 - Wells Fargo
|Analysts from Wells Fargo, noted that the 2.3% decline in April existing home sales, followed a rise of 4.2% in March and explained that sales through the first four months of 2017 are running 4.1% ahead of last year, but warned that are being held back by a lack of homes for sale.
Key Quotes:
“Much like earlier reported new home sales, the slight drop in existing home sales reported for April does little to dispel the notion that the housing market is building strong momentum.”
“While overall sales fell 2.3 percent in April, the decline followed a solid 4.2 percent rise in March. Sales are up on a year-to-year basis for every month this year. The earlier than usual start to spring home buying left fewer homes for April buyers.
“The number of homes listed for sale rose 7.2 percent in April but remains 9.0 percent below its year-ago level. This marks the 23rd consecutive month inventories were down year to year. Homes are selling quickly. The average home was on the market for a record low 29 days, which is down from 39 days last year.”
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