- Report showed that existing home sales rose 2.9% annually of 4.68 million units in April from an estimate of 4.55 million units in march.
- Existing home sales were still down 3.5% YoY compared to April 2008.
- Estimates were looking for a 1.8% gain.
- National median existing home-price in April was down $170,200 or down 15.4% MoM from April 2008.
- While the pace of existing home sales increased compared to the previous month, total housing inventories at the end of April represented a 10.2 month supply compared with a 9.6 month supply in March.
- The monthly increase according to region:
- 11.6% in Northeast
- West 3.5%
- South 1.8%
- Midwest 2.0%
- Mortgage loan application volume fell 14.2% in the week ended May 22.
- Drop in volume was largely due to a 18.9% decrease in refinance activity, which more than offset a 1% increase in purchase application.
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