National home sales were up 0.7% sequentially in April, the first gain in the last six months - but still roughly 17% below the 10-year average…

… and not keeping pace with new listings, which climbed 4% percent M/M - pushing the sales-to-listings ratio down to 46%. With just over five months of inventory…

… there’s not a glut like we’ve seen in new units, and with a deceleration in home price declines over the last few months…

… it looks like we’re getting closer to housing market stability.