National existing home sales declined 0.4% in April 2019 after falling 4.9% month over month in March 2019. This is worrisome because during this two-month period mortgage rates have been falling to almost a one-year low. This is also the 14th month in a row of annual declines, which now makes it the longest stretch of declines since the housing crisis that occurred over a decade ago.
Year over year the pace of the housing prices increase rose as well with the average residential prices rising 1.5%, and the median residential prices are flat from April 2018 to April 2019. We were in line with our forecast of a 1.11% rise for single-family homes average sold price rising 1.51% year over year and the median rising 0.5% year over year.