Soaring mortgage rates, plunging mortgage applications, housing starts and permits slumping, homebuilder sentiment hammered, and now labor market stress... it is no surprise that analysts expected another monthly drop in existing home sales in April. US existing home sales fell 2.4% MoM (worse than the 2.3% MoM drop expected), Worse still, this drop was from a revised-lower 3.0% MoM drop in March (from -2.7% MoM)

Source: Bloomberg

This is the 3rd straight monthly decline in existing home sales and the total SAAR is the lowest since June 2020...