MetroIntelligence Economic Update by P. DUFFY
Existing home sales fall 23.3 percent year-on-year as median sales price slips 1.7 percent
Existing-home sales receded 3.4% in April to a seasonally adjusted annual rate of 4.28 million. Sales fell 23.2% from one year ago. The median existing-home sales price slipped 1.7% from one year ago to $388,800. The inventory of unsold existing homes increased 7.2% from the previous month to 1.04 million at the end of April, or the equivalent of 2.9 months’ supply at the current monthly sales pace.
Building permits fall 1.5 percent in April, down 21.1 percent year-on-year
April building permits were at a seasonally adjusted annual rate of 1,416,000. This is 1.5 percent below the revised March rate of 1,437,000 and is 21.1 percent below the April 2022 rate of 1,795,000. Single‐family authorizations in April were at a rate of 855,000; this is 3.1 percent above the revised March figure of 829,000. Authorizations of units in buildings with five units or more were at a rate of 502,000 in April.
Housing starts rise 2.2 percent in April but down 22.3 percent year-on-year
April housing starts were at a seasonally adjusted annual rate of 1,401,000. This is 2.2 percent above the revised March estimate of 1,371,000, but is 22.3 percent below the April 2022 rate of 1,803,000. Single‐family housing starts in April were at a rate of 846,000; this is 1.6 percent above the revised March figure of 833,000. The April rate for units in buildings with five units or more was 542,000.