NAR Chief Economist Reveals What’s Driving Increase In Existing Home Sales

On today’s Hot Sheet, Byron Lazine discussed April’s CPI report from the U.S. Bureau of Labor Statistics, showing inflation rose 0.6% month over month and 3.8% annually, led by higher energy, shelter, and food costs.

He also covered NAR’s latest existing-home sales report, with sales up 0.2% month over month to 4.02 million, inventory rising to 1.47 million units, and the median existing-home price increasing to $417,700.