The median price of an existing home slipped 0.2% (+9.5% y/y) to $187,400. In the Northeast, the median sales price of $245,200 was up 0.6% y/y. In the West, the median price rose 16.3% y/y to $242,000. In the South, the price of $160,100 was up 6.5% y/y and in the Midwest the price rose 7.8% y/y to $152,400.

The supply of homes on the market fell to a seven month low of 6.4 months. The months' supply of single-family homes on the market slipped to 6.2 but for condos & coops it fell sharply m/m to 6.0. The total number of homes on the market rose 2.9% m/m but was down 18.2% y/y. Inventories of single-family homes fell 16.3% y/y while inventories of multi-family homes fell by roughly one-third.

Reported earlier this month, the composite index of home price affordability ticked up slightly m/m but remained 12.5% off the February high. Mortgage payments as a percent of income slipped m/m to 13.7% versus the high of roughly 25% in 2006. The average monthly mortgage rate fell to 3.78%.

The data on existing home sales, prices and affordability can be found in Haver's USECON database. The regional price, affordability and inventory data are available in the REALTOR database. The expectations figure is in the AS1REPNA database.