US existing home sales ticked slightly higher in April, according to the National Association of Realtors, rising 0.2% from March's seven‑month low to an annualised 4.02m units.
Source: Sharecast
April's reading came in just below expectations for 4.05m, with activity held back by higher mortgage rates after a surge in energy prices pushed long‑term Treasury yields higher.
Regionally, sales fell sharply in the West, down 2.6% to 750,000 units, offsetting a 2.2% increase in the Midwest to 950,000.
Inventory rose 5.8% to 1.47m homes, equivalent to 4.4 months of supply.
"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 Dr Lawrence Yun. "Mortgage rates are lower from a year ago, and average income growth is outpacing home price gains."
Reporting by Iain Gilbert at Sharecast.com
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