Leading Economic Index Down in April, Existing Homes Sales Decline in March
According to the National Association of Manufacturers’ (NAM) Monday Economic Report for this week, the Leading Economic Index decreased 0.6% in April, falling for the 13th straight month. Over the past six months, the LEI has declined 4.4%, suggesting weaker growth over the coming months. The release notes that these data are consistent with a higher risk of recession in mid-2023.
Existing home sales declined 3.4% from 4.43 million units at the annual rate in March to 4.28 million units in April, according to the National Association of Realtors. Sales weakened in every region of the country. Single-family sales fell 3.5%, and condominium and co-op sales decreased 2.3%. The existing home market remains challenged by affordability and lack of inventory. On a YoY basis, existing home sales have dropped 23.2%, down from 5.57 million units in April 2022. Unsold inventory of existing homes for sale on the market ticked up from 2.6 months in February and March to 2.9 months in April. The median sales price was $388,800 in April, down 1.7% from one year ago.