After crashing in March, existing home sales were expected to keep slumping in April as mortgage rates have done nothing but accelerate and mortgage applications collapse. Analysts were right as existing home sales fell to 5.77mm SAAR (as expected), sliding 2.7% MoM, slightly better than expected (but only because of a downwardly revised 8.6% MoM drop in March). Existing home sales are now down year-over-year for the eight straight month...

Source: Bloomberg

All-cash sales accounted for 28% of transactions in March, up from both the 25% recorded in February and from 23% in March 2021.