Existing Home Sales (Annualized) vs S&P 500 Price-to-Earnings Ratio (Forward)
Existing Home Sales (Annualized) is currently 4.26M (up +0.2M). S&P 500 Price-to-Earnings Ratio (Forward) is currently 20.3x (down -1.20).
| Metric | Existing Home Sales (Annualized) | S&P 500 Price-to-Earnings Ratio (Forward) |
|---|---|---|
| Current value | 4.26M | 20.3x |
| Previous reading | 4.08M | 21.5x |
| Change | +0.2M | -1.20 |
| Trend | up | down |
| Frequency | Monthly | Weekly |
| Source | National Association of Realtors | S&P Global |
| Last updated | 2026-03-20 | 2026-04-04 |
| Category | housing | growth |
What Existing Home Sales (Annualized) measures
Existing home sales measures the number of completed sales of previously owned homes, expressed as a seasonally adjusted annual rate. It accounts for approximately 85-90% of all home sales in the U.S.
At 4.26 million, existing home sales remain well below the 2021 peak of 6.1 million. The 'lock-in effect' — where homeowners refuse to give up sub-4% mortgages — continues to constrain inventory. For executives, this suppressed transaction volume affects real estate commissions, moving services, home improvement spending, and mortgage origination revenue across the industry.
What S&P 500 Price-to-Earnings Ratio (Forward) measures
The forward price-to-earnings ratio measures the S&P 500 index price relative to expected earnings per share over the next 12 months. It is the most widely used valuation metric for the U.S. stock market.
The S&P 500 forward P/E at 20.3x has declined from its recent highs but remains above the 25-year average of approximately 16.5x. Markets are pricing in solid earnings growth but are no longer at 'euphoric' valuations. For executives evaluating M&A, stock compensation, or capital market activity, current valuations suggest a market that is fairly valued to modestly expensive — not cheap, but not at bubble levels either.
Frequently asked
Existing Home Sales (Annualized) is currently 4.26M, up +0.2M from the previous reading. Source: National Association of Realtors, updated monthly.
S&P 500 Price-to-Earnings Ratio (Forward) is currently 20.3x, down -1.20 from the previous reading. Source: S&P Global, updated weekly.
At 4.26 million, existing home sales remain well below the 2021 peak of 6.1 million. The 'lock-in effect' — where homeowners refuse to give up sub-4% mortgages — continues to constrain inventory. For The S&P 500 forward P/E at 20.3x has declined from its recent highs but remains above the 25-year average of approximately 16.5x. Markets are pricing in solid earnings growth but are no longer at 'eup