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Existing Home Sales Growth Expected to Accelerate in April

1:13 PM ET 05/21/2025 - MT Newswires

Existing-home sales were at a 4.08 million rate in April 2024, so the year-over-year rate would be slightly positive if sales rise as expected.

The median sales price was 2.7% above its year-ago level in March.

The data are scheduled to be released at 10:00 am ET Thursday.

The pending home sales index, also produced by the NAR, rose by 6.1% in March but was still down 0.6% from a year ago. That measure is taken at contract signing and is meant to foreshadow movements in existing homes closings a month or two out.

"Back-to-back advances in the index of pending home sales raise the possibility of existing home sales increasing in April after a decline of 5.9 percent in March," Daiwa said in a research note. "That said, despite the anticipated uptick, prevailing conditions are still generally unfavorable, with tight inventories and elevated financing costs contributing to an environment of reduced affordability, thus leaving the current pace of activity in the low end of the longer-term range."

Recent mortgage application data from the Mortgage Bankers Association indicated that mortgage rates declined early in April but rebounded later in the month.

Home building data for April released on May 16 showed an increase in housing starts but declines in both building permits and home completions.

The National Association of Home Builders reported on May 15 that builder confidence fell sharply in May on increasing uncertainties caused by rising interest rates, policy uncertainty and a lack of clarity related to building material cost.

NAHB noted that about 90% of the responses were tabulated prior to the agreement on May 12 between the US and China to cut tariffs for a 90-day period.