US Existing Home Sales: A gain above expectations in April - Wells Fargo

Analysts from Wells Fargo, point out that condo sales boosted existing home sales in April and also that inventories are showing consistent gains.

Key Quotes:

“Besting consensus expectations, existing home sales rose 1.7 percent in April to a 5.45 million-unit annual pace. Much of the gain was in condo sales, which jumped 10.3 percent, while single-family rose marginally.”

“The lack of inventory in the for-sale market has been the primary obstacle to a more robust housing recovery, keeping prices in a tight range. However, inventories rose for the fourth consecutive month in April as sellers are becoming more comfortable putting their homes on the market. Still-low mortgage rates are also aiding activity.”