Home sales remain tepid

Existing home sales fell 0.2% in March falling from 4.60 million to a 4.59 million unit pace, the lowest level since December.

On a three-month average basis, the pace of sales is 4.60M.

Existing home sales year over year

 

The decline in March was led by multi-family sales, down 1.8%. Single family sales were flat in March. Year over year, existing home sales are down 7.5%. From a supply standpoint, with demand noticeably waning, months’ supply rose from 5.0 to 5.2 in March, an 11-month high.

Months’ supply

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