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Expand chart
Reproduced from National Association of REALTORS; Note: Historical data set used through December 2018. April 2019 is preliminary.; Chart: Axios Visuals

The April reading of U.S. existing home sales missed expectations on Tuesday, adding another losing month to a long trend on a year-over-year basis.

The big picture: After sales fell by almost 5% month-over-month in March, which was the biggest drop since November 2015, there was hope April would show a major pickup. That didn't happen, but LendingTree chief economist Tendayi Kapfidze tells Axios it's still too early to panic.

  • "In many ways a slowdown was inevitable given the affordability challenges in the market. Home prices have risen about 3 times the pace of incomes since 2012, which can’t go on forever."

Mortgage rates fell for the 4th straight week, with the 30-year fixed rate mortgage hitting its lowest level since January 2018, the Mortgage Brokers Association reported this morning. That should help boost next month's reading, Kapfidze added.

  • "Mortgage rates have been falling since November 2018, while prices have moderated. And yet the figures might not match the analysts' optimism."

Go deeper: The housing slump gets worse

Go deeper

N.Y. Times faces culture clashes as business booms

Illustration: Sarah Grillo/Axios

New York Times columnist David Brooks' resignation from a paid gig at a think tank on Saturday is the latest in a flurry of scandals that America's biggest and most successful newspaper company has endured in the past year.

Driving the news: Brooks resigned from the Aspen Institute following a BuzzFeed News investigation that uncovered conflicts of interest between Brooks' reporting and money he accepted from corporate donors for a project called "Weave" that he worked on at the nonprofit.

America rebalances its post-Trump news diet

Illustration: Annelise Capossela/Axios

Nearly halfway through President Biden's first 100 days, data shows that Americans are learning to wean themselves off of news — and especially politics.

Why it matters: The departure of former President Trump's once-ubiquitous presence in the news cycle has reoriented the country's attention.

2021 sees a record number of bills targeting trans youth

Illustration: Annelise Capossela/Axios

Republicans in at least 25 states have introduced over 60 bills targeting transgender children — a legislative boom since January that has beaten 2020's total number of anti-trans bills.

Why it matters: LGBTQ advocates say the unprecedented push was catalyzed by backlash to Biden's election and the Supreme Court ruling that workers cannot be fired for being gay or transgender.