Existing home sales unexpectedly fall

We mentioned the housing data. Let's get existing from Diana, Oleg this morning. Hi, Diana. Home sales in April dropped 1.9% to a seasonally adjusted annualized rate of 4.14 million units. That's a miss. The Street was looking for a gain to 4.25 million sales, also down 1.9% year over year. These sales are based on closing, so contracts signed in February and March. Mortgage rates jumped at the start of February and then held around 7% for the next two months before moving even higher in April. On the bright side though, inventory rose 9% month to month and was up 16% from the year before. Still though, just a 3 1/2 month supply because the overall numbers are still very low. One note though, supply of homes priced over $1 million, up 40% year over year, which is why that segment of the market is the most active. Tight supply is keeping pressure under prices. The median price of an existing home sold in April was $407,600, up 5.7% year over year and that's yet another record high price for the month of April. I feel like I say that every month. The Realtors did say they expect prices to ease as more homes come on the market. We just haven't seen it yet. First time buyers made a slight comeback, 33% of sales, up from 29% the year before. All cash, still a high 28% of all transactions. Sarah, back to you. OK, Diana, thank you. Diana Oleck with the home data.