Existing Home Sales Come In Way Worse Than Expectations

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Photo: casey serin via flickr

Headline: 5.05 million annualized in AprilConsensus: 5.2 million annualized

Analysis: Last month, existing home sales came in at 5.1 million, slightly better than expectations. But that number has been revised down slightly to 5.09 million.

Rather than month-over-month growth like we expected, sales declined by 0.8% in April over March.

Again, important to note, these are tiny differences, in terms of expectations, and the previous month. But what it shows is that the market is not gradually getting better, but rather remaining weak.

Don’t miss: 10 states where distressed homes will be flooding the market for years >

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