Home Prices – Home Sales Drop
The National Association of Realtors (NAR) just reported that existing-home sales slipped in April, although the market has managed six gains in the past nine months.
The national median existing-home price for all housing types was 5.0% below April 2010 prices. Distressed homes accounted for 37% of sales in April, down from 40% in March; they were 33% in April 2010.
Single-family home sales slipped 0.5% to a seasonally adjusted annual rate of 4.42 million in April from 4.44 million in March, and are 12.6% below the 5.06 million pace in April 2010. The median existing single-family home price was 5.4% below a year ago.
Existing condominium and co-op sales fell 3.1% to a seasonally adjusted annual rate of 630,000 in April from 650,000 in March, and are 15.0% below the 741,000-unit level one year ago. The median existing condo price was down 2.3% from April 2010.
Existing-home sales in the West slipped 0.8% below April 2010. Lastly, the median price in the West was down 6.1% from a year ago.
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That is an informative post. However, what made the sale go down? Can you also tell me what is the present rate of sales?
Terrific post. Don’t understand why the sale is going down. Its also tough to track the reason behind it. Please tell me if you know more about it.