Sales on Existing Homes decreased 1.9% last month and supply is up a whopping 16.3% from this time last year. Median Sales price is currently $407,600, which is a 5.7% increase from a year ago. It’s also the highest reading ever recorded in the month of April. Thirty-three percent of the buyers of those homes are purchasing their very first house, which is a 1% increase from last month. Twenty-seven percent of homes sold above list price.
In the released Fed minutes today, Chair Powell went out of his way to restate that the next move will be a rate cut and not a rate hike. Jerome seconded Governor Wallen’s assertion yesterday that a higher Unemployment Rate is will be the key to seeing interest rates move lower–even if other inflationary indicators remain current levels. That statement is music to my ears and allows the Fed to be proactive rather than reactive, lessening the likelihood of a whipsaw recession.
