Existing Home Sales Decline, Inventories Rise

Sales of previously owned homes declined 1% from the prior month to an annual pace of 4.89 million. Year-over-year sales and prices declined 18% and 8% respectively. The number of previously owned unsold homes jumped from 4.12 million in March to 4.55 million in April, representing an 11.2 month supply. The spike in inventories should quiet some of the recent claims that "the worst is over." I will spare my regular readers the bearish tirade that typically accompanies lousy housing market statistics. Instead I will wish everyone a Happy Memorial Day Weekend! Rest assured the tirade will continue on Tuesday...