The National Association of Realtors reported that the pace of existing home sales fell in April to an annualized rate of 5.04 million, a drop of 3.3% from the month earlier. Tight supply has resulted in high levels of price appreciation, which nationally amounted to an 8.9% increase from the year-ago period at a median price of $219,400. The increase in prices has undoubtedly caused a tempering effect on sales activity.
By John McManus Are rising interest rates eroding demand momentum? It’s really tough to do the math, because cause-and-effect doesn’t come purely into play, and even correlations are hard to
By Troy McMullen The best quarterly sales pace of the year pushed available housing supply to record lows and caused price appreciation to slightly speed up in the final three
No real surprise here – after a sharp bounce back off the bottom, particularly in core markets, home prices appear to be leveling off. Overall, this is probably not bad
