The rise in existing home sales in April suggests that the modest recovery in housing market activity is back on track. The improvement is being driven almost entirely by cash buyers and investors, which means that existing home sales can continue rising even though mortgage credit conditions are set to remain very tight and mortgage applications are likely to stay subdued.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services