Housing Activity Shows More Signs of Deterioration

The selling rate of existing homes decreased 2.4 percent in April, to a 5.61 million seasonally adjusted annual rate. The selling rate is down 5.9 percent from a year ago.

The selling rate in the market for existing single-family homes, which account for about 89 percent of total existing-home sales, fell 2.5 percent in April, coming in at a 4.99 million seasonally adjusted annual rate, the first month below 5 million since June 2020 (see first chart). From a year ago, the selling rate is down 4.8 percent.

The single-family segment saw slowing sales in two of the four regions. Sales slowed 6.5 percent in the West and 5.6 percent in the South, the largest region by volume, while sales accelerated 3.7 percent in the Northeast, the smallest region by volume, and accelerated 4.2 in the Midwest. Measured from a year ago, sales were slower in all four regions (-11.1 percent in the Northeast, -8.3 percent in the West,-3.5 percent in the South, and -0.8 percent in the Midwest).

Condo and co-op sales slowed by 1.6 percent for the month, leaving sales at a 620,000 annual rate for the month, their slowest pace since July 2020, versus 630,000 in March (see first chart). From a year ago, condo and co-op sales were 13.9 percent slower. Condo and co-op sales were slower in two regions in April, -11.1 percent in the Midwest and -8.3 percent in the Northeast, but unchanged in the West and 3.6 percent faster in the South.  From a year ago, sales were slower in all four regions (-19.4 percent in the South, -11.1 percent in the Midwest, -8.3 percent in the Northeast, and -6.7 percent in the West).

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