- Prior was 5.77m (revised to 5.75)
- Sales change -2.4% vs -2.7% m/m expected
- Inventory 2.2 vs 2.0 months prior (revised to 1.9 months)
- Year-ago inventory 2.3 months
- Median price $391.4K vs $375.3K prior
- Prices 14.8%y/y
- +2.9% m/m vs +4.5% prior
This was the third straight month of declines. Note that these prices represent closings, which were contracts likely signed in Feb/March.
Housing is clearly slowing down but is it reversing? I saw a second-hand comment from a top-10 US home builder saying that traffic was down to 5 buyers for every house from 25. That's still 5x more demand than supply. Do we get to 1:1?
Inflation is high but mortgage rates are starting to flatten.