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Existing Home Sales Come In Way Worse Than Expectations

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Headline: 5.05 million annualized in April Consensus: 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.

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