Existing Home Sales Unexpectedly Tumble As Homebuyer Confidence Hits Record Low

After (unexpectedly) tumbling in March, existing home sales were expected to rise modestly (+0.8% MoM) in April. Analysts were wrong as March’s data was revised marginally up from -4.3% MoM to -3.7% MoM and April printed -1.9% MoM (a big miss). That left existing home sales down 1.9% YoY…

That pushed the existing home sales SAAR back near COVID lockdown lows…