US: Existing home sales likely to post modest gain of 0.4% in April – Nomura

Analysts at Nomura are forecasting a modest 0.4% m-o-m increase in US existing home sales to 5620k.

Key Quotes

“March and February estimates indicated elevated sales activity heading into Q2. Data on consumer sector suggest that consumer demand remained solid. However, pending home sales, which tend to lead existing home sales, rose only modestly in March suggesting that sales in April could be softer than in March. Further, lack of housing inventory will likely continue to constrain sales.”