- Lowest pace since July 2012
- Prior reading was 4.60M
- Sales down 0.2% in the month compared to -0.9% exp
- 5.2 months of inventory — highest since April 2013
Comments from the National Association of Realtors:
- Lack of inventory holding back market rebound
- Affordability having some impact restraining sales
Existing home sales – not a great trend