• Existing home sales dropped to a seasonally adjusted annual rate of 4.33 million units in April. The 17.8% drop from March generated the lowest sales volume since July 2010. Last year, 5.34 million existing homes were sold. The number of existing homes on the market in April was 1.47 million units, or 19.7% fewer than in April 2019.1
  • The median price of existing homes sold during April was $286,800, up 7.4% from April 2019.1
  • Housing starts dropped 30.2% in April to a seasonally adjusted annual rate of 891,000 units. That’s almost half of the 1.62-million unit pace set in January and is the lowest pace since February 2015. The pace of single-family starts in April was 650,000 units, representing a drop of more than a third from the pace in February.2
  • The Consumer Price Index fell 0.8% in April, generating a 0.4% gain over the past twelve months. Energy prices fell 10.1% in April and have declined for four consecutive months, generating a 44.1% annual rate of decline year to date.3

Read more: Wells Fargo Keeping Current 5.22.2020

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