US existing home sales dropped -3.1% year-over-year to an annualized 4.0 million in April, the lowest for any April since 2009.
Month-over-month, home sales fell-0.5%, well below expectations of a +2.0% increase.
The decline was driven by the West and Northeast regions.
Sales in the South were flat, while in the Midwest improved slightly.
Meanwhile, existing home inventory rose +21%, to 1.45 million, the most for any April since 2020, per ZeroHedge.
Despite that, the median sales price increased +1.8% year-over-year to $414,000, a record for the month of April.
Homebuyer demand is weak and prices are still rising.
