|

Existing Home Sales dip in April

Summary

Some positive developments for buyers, but affordability conditions remain unfavorable

Existing home sales slipped 0.5% in April, marking the third decline in the last four months. This downward streak is emblematic of the affordability issues plaguing the housing market. Although mortgage rates dipped slightly in the months preceding April sales, they remained elevated above 6.5%, presenting a challenge for homebuyers. Rates have since moved even higher, surpassing 7.0% according to Mortgage News Daily. Ongoing price appreciation is an added challenge. However, April’s 1.7% annual increase in single-family resale prices marked the slowest pace of price appreciation since July 2023. All told, softer price appreciation and growing resale inventories are positive developments. However, inventories remain scarce compared to pre-pandemic levels, and unfavorable affordability conditions will likely prevent a meaningful resale recovery in the near-term.

Download the Full Report!

Author

More from Wells Fargo Research Team
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

EUR/USD gathers recovery momentum, trades near 1.1750

Following the correction seen in the second half of the previous week, EUR/USD gathers bullish momentum and trades in positive territory near 1.1750. The US Dollar (USD) struggles to attract buyers and supports the pair as investors await Tuesday's GDP data ahead of the Christmas holiday. 

GBP/USD knocks ten-week highs ahead of holiday slowdown

GBP/USD found room on the high side on Monday, kicking off a holiday-shortened trading week with a fresh spat of Greenback weakness, bolstering the Pound Sterling into its highest bids in ten weeks. Pound traders are largely brushing off the latest interest rate cut from the Bank of England as the UK’s central bank policy strategy leaves the water murky for rate-cut watchers.

Gold buying remains unabated; fresh all-time peak and counting

Gold builds on the previous day's blowout rally through the $4,400 mark and continues scaling new record highs through the Asian session on Tuesday. Bets for more interest rate cuts by the US Fed, renewed US Dollar selling bias, and rising geopolitical uncertainties turn out to be key factors driving flows towards the bullion. Traders now look to the delayed release of the revised US Q3 GDP print and US Durable Goods Orders for a fresh impetus.

Year ahead 2026: Where will Bitcoin be in a year’s time?

Bitcoin, which accounts for roughly 60% of total crypto market capitalization, entered 2025 with unstoppable momentum under a crypto‑friendly Trump administration. The rally was supported by major regulatory wins and accelerating institutional adoption.

Ten questions that matter going into 2026

2026 may be less about a neat “base case” and more about a regime shift—the market can reprice what matters most (growth, inflation, fiscal, geopolitics, concentration). The biggest trap is false comfort: the same trades can look defensive… right up until they become crowded.

XRP steadies above $1.90 support as fund inflows and retail demand rise

Ripple (XRP) is stable above support at $1.90 at the time of writing on Monday, after several attempts to break above the $2.00 hurdle failed to materialize last week. Meanwhile, institutional interest in the cross-border remittance token has remained steady.