Signs that the inventory of existing homes for sale had stabilised have proved to be short-lived. Inventory levels reached a new low in April. With so few homes on the market it is not surprising that existing home sales fell by 2.5% m/m, and we doubt sales will see any growth this year. But tight market conditions are not leading to an acceleration in house prices. The FHFA reported a rise of just 0.1% m/m in March, the smallest gain since the start of 2012.
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