While April existing home sales were down 2.3% M-o-M and up just 1.6% compared to 4/16, it’s due to limited inventory. While inventories rose 7.2% M-o-M, April marks the 23^rd consecutive month of Y-o-Y inventory declines! As for new home sales, they rose just 0.5% Y-o-Y and new home inventory at 5.7 months is almost back to normal, despite subdued volume. New homes must get cheaper for volumes to rise!