Building Products - Existing Home Sales Continue Gains in April

Research evidence excerpt

Building Products - Existing Home Sales Continue Gains in April

Truist Securities

Equity Research Report May 11, 2026

INDUSTRIALS: Building Products/

Durable Goods Building Products - Existing Home Sales

Continue Gains in April

Keith Hughes Preliminary existing home sales NSA results in April were higher y/y. This marks the

404-926-5032 third consecutive month of y/y growth with six of the last eight also showing increases.

Keith.Hughes@truist.com Regardless, there has been rather choppy y/y growth patterns observed over the

past year or so. On a seasonally-adjusted basis, existing home sales were up slightly

Julian Nirmal sequentially.

404-836-4749

Julian.Nirmal@truist.com

Existing Home Sales Move Higher Y/Y. According to the most recent report from the

National Association of Realtors (NAR), existing home sales on an unadjusted NSA 3 Page Document

basis were up 1.4% y/y, following a comparable 3.1% y/y decline in April 2025. Note that

existing home sales on a seasonally-adjusted basis were 4,020k units, a slight increase

Reasons for this report over March's reading.

✓ Sector Update

✓ Existing Home Sales

Median Sales Price Increases Modestly Y/Y. The April median sales price for an

existing home in the US was $418k, a slight increase from the March result, which is

in line with the typical seasonal cadence at this time of year. We usually expect prices

to climb sequentially during the start of the year, typically peaking in June. The median

price was up about 0.9% y/y.

Months of Supply and Inventory Up Slightly On Sequential Basis. NAR reported

months of supply at 4.4 for April, which is flat y/y but higher sequentially. For reference,

March 2026 had months of supply at 4.2 and April 2025 was at 4.4.

SEE PAGE 2 FOR REQUIRED DISCLOSURE INFORMATION