US existing home sales for April 4.14M versus 4.21M estimate

• Prior month 4.19M revised to 4.22M
• Existing home sales for April 4.14M versus 4.21M estimate. Weaker than expectations
• Existing home sales are down -1.9% on the month
• month supply 3.5 months versus 3.2 months last month
• 30-year mortgage rate 7.05%
• Supply of home price over $1 million up 40% year-over-year
• Median home price $407,600 up 5.7%. Record high
• First-time buyers 33% versus 29% last year
• All cash sales 28%

Sales are based on closing.

This article was written by Greg Michalowski at www.forexlive.com.