Single-family existing home sales fell 0.5 percent to a seasonally adjusted annual rate of 4.42 million in April from 4.44 million in March, according to the latest data from the National Association of Realtors. The current pace is 12.6 percent below the 5.06 million pace in April 2010. The median existing single-family home price was $163,200 in April, which is 5.4 percent below a year ago.
Overall, existing-home sales fell 0.8 percent to a seasonally adjusted annual rate of 5.05 million in April from 5.09 million in March, and are 12.9 percent below a 5.80 million pace in April 2010; sales surged in April and May of 2010 in response to the home buyer tax credit.
"Given the great affordability conditions, job creation and pent-up demand, home sales should be stronger," said Lawrence Yun, NAR chief economist. "Although existing-home sales are expected to trend up unevenly through next year, unnecessarily tight credit is continuing to restrain the market, along with a steady level of low appraisals that result in contract cancellations."
