Existing-home sales slipped in April, although the market has managed six gains in the past nine months, according to the National Association of Realtors .
Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, eased 0.8 percent to a seasonally adjusted annual rate of 5.05 million in April from a downwardly revised 5.09 million in March.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 4.84 percent in April, unchanged from March.
All-cash transactions stood at 31 percent in April, down from a record level of 35 percent in March; investors account for the bulk of these purchases.
The national median existing-home price for all housing types was $163,700 in April. Distressed homes – typically sold at a discount of about 20 percent – accounted for 37 percent of sales in April, down from 40 percent in March.
Total housing inventory at the end of April increased 9.9 percent to 3.87 million existing homes available for sale, which represents a 9.2-month supplyat the current sales pace, up from an 8.3-month supply in March.
For more information: http://www.realtor.org/press_room/news_releases/2011/05/sales_ease