According to the National Association of Realtors (NAR), US existing home sales in April plunged 17.8% from March, the largest drop since 2010.
Existing homes sales MoM is the white line, the Mortgage Bankers Association 30-year rate is the blue line.
Given how unemployment is differentially hurting lower-wage workers, it is not surprising that existing home sales in the $0-$100,000 range fell 33% in April.
While $500k-$750k home sales fell by “only” 12.2%.
Existing home sales inventory remains low while median home price of existing home sales rose 2% from March to April.