April was not pretty for the housing market. Existing home sales were down 17.8% month-over-month and 17.2% year-over-year, according to the latest data from the National Association of Realtors. That’s the slowest sales rate since September 2011.
No buying means no moving which means inventory continues to struggle. According to the NAR, the supply of homes is at 1.47 million units, a 19.7% drop annually. That is the lowest inventory for April–ever.