US existing home sales
  • 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.