Housing resales slowed to their lowest rate in four years in April, off 2.6% to a 5.99 mln annual rate. The IFR consensus was 6.115 mln and IFR was 6.150 mln. The low in our survey was 5.900 mln. The inventory of unsold homes rose to 8.4 months and price was up on a month-ago basis but lower on a year-ago basis for a ninth straight month.
The rate was the lowest since 5.94 mln in May and June of 2003. The 8.4-month supply is the highest on records dating to 1999. In January 2005, the backlog was as short 3.6 months. The rate homes available 4.2 mln is the highest level on record (dating back to January 1999). The number of condos sold and single family homes dropped in April. Sales fell in all the four consensus regions.
The median prices of existing homes sold were 220.9k, a four month high. The average single family home and condo rose to its highest level (268.4k) since November 2006. Existing home prices in the northeast were up 2.2% and in the Midwest were 2.2% higher from March. Prices in the South slowed to a 0.3% rise from a 0.9% increase in April and the West saw a 1.2% gain.
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