By type, sales fell 1.6% from March for condos and co-ops and 2.4% for single-family homes. On a year-ago basis, sales were up 1.6% for both single-family homes and condos and co-ops. Prices were up 6.1% for single-family homes and 5.6% for condos and co-ops.
Today’s report is in line with weakness seen in housing starts and new home sales for April. The good news is that mortgage rates have been trending down over the last couple months amid increased political uncertainty, which should boost housing as we head into the summer. The bad news is that the Fed seems ready to hike interest rates again. Stay tuned!