by Mike ‘Mish’ Shedlock
Existing home sales bounced in April as expected. Compared to pre-recession totals, sales look weak, but compared to the last couple years, sales are towards the top of the range.
Existing home sales rose at a seasonally-adjusted annualized rate (SAAR) of 5.45 million vs. Bloomberg Econoday expectations of 5.40 million.
Progress in the housing market is slow but steady. Sales of existing homes rose 1.7 percent in April to a 5.45 million annualized pace and are up a very solid 6.0 percent from April last year. Prices are also up, with the median 5.0 percent higher in the month to $232,500 for a year-on-year gain of 6.3 percent. These are not earth shattering but they are at the very top of other growth rates in the economy.