Both new and existing home sales weakened in April, according to reports from the Census Bureau and National Association of Realtors. Resales were down 2.5%; new home buying, 1.5%. NAR chief economist Lawrence Yun cited “the utter lack of available listings on the market” as the “root cause” of the retreat in resales. Existing home sales were down 1.4% year-over-year through April; on the other hand, the pace of new home buying improved 8.4% in the same 12 months. Zillow says that existing home values soared 8.7% in the year ending in April; that is the largest annualized jump it has recorded since June 2006.1,2
1 – investopedia.com/news/home-values-jumped-87-april-0/ [5/25/18]
2 – tinyurl.com/y86fcsr3 [5/23/18]