Existing Home Sales: April EHS +0.2% MoM and Flat YoY

Research evidence excerpt

Existing Home Sales: April EHS +0.2% MoM and Flat YoY

Homebuilders & Building Products

May 11, 2026

Existing Home Sales: April EHS +0.2% MoM and Flat YoY Exhibit 1 - EHS - 2-Year

Chart

EHS Since March 2024 40%

20%The Wolfe Byte

0%

-20%Aside from February (4.1M), EHS show little change YTD in ’26 with monthly Jan/ 4.54.44.34.24.14.03.93.83.73.63.5 -40%

Existing Home Sales YoY % ChangeMar/Apr sales ranging from 4.01M-to-4.02M

Source: Wolfe Research, NAR

April Existing Home Sales increased +20 bps MoM to 4.02M, which was essentially Exhibit 2 - EHS

in-line with the 4.05M Consensus forecast. EHS were flat YoY and were -1.5% ExistingSalesHome

below the 4.08M 2025 average. We remind investors EHS are backward-looking AprilMarch20262026 4.014.02

MoM % +0.2%

YoY % 0%with April sales generally put under contract in February and March. Mortgage rates

averaged ~6.1% in February and ~6.2% in March compared to ~6.8% for the two- Source: Wolfe Research, NAR

month period a year ago. On a months’ supply basis, inventory increased to 4.4

months’ compared 4.2 months’ in March and 4.3 months’ a year ago. This is the

highest months’ supply since October but is generally in-line with the 4.3 months’

average last year. On an absolute basis at 1.470M (+5.8% MoM), inventory was +20K

above April ’25 levels. Pricing increased +2.1% MoM to $417.7K and +0.9% YoY. The

2025 average was $412.8K. Sequential pricing increased in all four regions, led by Trevor Allinson, CFA

+3.7% and +1.9% gains in the NE and MW, respectively. Distressed sales at 2% were tallinson@wolferesearch.com (636) 338-1466

flat MoM and YoY implying homeowner financial distress remains immaterial. First- View Trevor’s Research

time buyer share increased marginally to 33% from 32% last month but was down 1 View Comp Table