Existing Home Sales Rise Slightly

Progress in the housing market is slow but steady. Sales of existing homes rose 1.7 percent in April to a 5.45 million annualized pace and are up a very solid 6.0 percent from April last year. Prices are also up, 5.0 percent higher in the month for the median at $232,500 which makes for a year-on-year gain of 6.3 percent. These are not earth shattering rates but they are at the very top of other growth rates in the economy.

Recent History Of This Indicator:
A 5.1 percent surge in sales of existing homes during March improved the outlook for the housing sector but still failed to reverse a 7.3 percent plunge in February. A gain in prices brought more homes into the market during March though supply remained very thin and a negative for sales. Econoday forecasters are calling for another of strength for April, a 1.3 percent gain to a 5.400 million annualized rate.