US existing home sales rose just 0.2% in April to a 4.02M annual pace, flat YoY and far below expectations. Mortgage rates jumped back to 6.37% in early April after briefly dipping below 6% in February, as the Iran conflict reignited inflation worries. Inventory is up to 1.47M units, the highest for April since 2016, but still only 4.4 months of supply. Median price hit $417,700, up 0.9% YoY and a record for April.
