FX.co ★ US Existing Home Sales Rise More than Expected

Existing home sales in the United States rose 3.2% from the prior month to an annualized pace of 4.17 million units, extending the recovery from March’s seven‑month low. The outcome exceeded market expectations for a more modest rebound to 4.07 million, despite persistently high mortgage rates. Those rates remained elevated as high energy prices and a strong labor market pushed long-term Treasury yields higher.

Regionally, sales advanced most sharply in the Midwest, up 6.4% to 1.0 million, and were also solid in the South, up 3.2% to 1.96 million. Gains were smaller in the Northeast, where sales increased 2.2% to 0.46 million, while activity in the West was unchanged at 0.75 million.

Housing inventory climbed 3.3% on the month to its highest level in 10 months, representing 4.5 months of supply at the current sales pace.