After jumping in March to their highest pace in 18 months, existing-home sales slowed in April.
According to Lawrence Yun, the reason is simple: housing supply is not keeping pace with demand.
Two key sets of data from last month confirm this:
1. Properties sold in April faster (39 days) than at any time since July 2013 (42 days) and the second shortest time (37 days in June 2013) since we began tracking this in May 2011.
2. Roughly 40 percent of properties sold last month went at or above asking price, which generally indicates multiple bids on an eventual closed sale.
What else did today’s release tell us about the market? Check out the charts below: