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Friday, June 2, 2023
HomeNewsEconomyExisting Home Sales in U.S. Rise More Than Median Forecast

Existing Home Sales in U.S. Rise More Than Median Forecast


Existing and pending home sales reported by the National Association of Realtors. Photo: Reuters)

The National Association of Realtors reported on Friday U.S. existing sales single-family homes rose 1.7% in April to an annualized rate of 5.45 million units. The expectation was for 5.40 million units.

“Primarily driven by a convincing jump in the Midwest, where home prices are most affordable, sales activity overall was at a healthy pace last month as very low mortgage rates and modest seasonal inventory gains encouraged more households to search for and close on a home,” Lawrence Yun, NAR chief economist. “Except for in the West–where supply shortages and stark price growth are hampering buyers the most–sales are meaningfully higher than a year ago in much of the country.”

A big surge in existing home sales in the Midwest region and a smaller increase in the Northeast offset declines in the South and West.

“The temporary relief from mortgage rates currently near three-year lows has helped preserve housing affordability this spring, but there’s growing concern a number of buyers will be unable to find homes at affordable prices if wages don’t rise and price growth doesn’t slow,” adds Yun.

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Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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