The Econoday economists missed the mark badly this month on existing home sales.
Single-family home sales fell 3.0%. Overall sales fell 2.5% for the month and were lower than even the lowest estimate.
Year-over-year sales are down 1.4%. Last month sales were down 1.2% year-over-year. Sales have pretty much stagnated since June of 2015!
Mortgage News Daily reports Existing Home Sales Reverse Course, Down 3%.
Economists polled by Econoday were not looking for greatly improved numbers but results even missed that target. Estimates ranged from 5.48 million to 5.64 million. The consensus was for no change from the March 5.60 million number.