Existing-homes sales ease in April

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Existing-homes sales ease in April

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 [1].

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.

• First-time buyers purchased 36 percent of homes in April, up from 33 percent in March. Investors slipped to 20 percent in April from 22 percent of purchase activity in March. The balance of sales was to repeat buyers, which were 44 percent in April.
• Single-family home sales slipped 0.5 percent to a seasonally adjusted annual rate of 4.42 million in April from 4.44 million in March. The median existing single-family home price was $163,200 in April.
• Existing condominium and co-op sales fell 3.1 percent to a seasonally adjusted annual rate of 630,000 in April from 650,000 in March. The median existing condo price was $167,300 in April.
• Regionally, existing-home sales in the Northeast fell 7.5 percent to an annual pace of 740,000 in April. The median price in the Northeast was $225,400.
• Existing-home sales in the Midwest rose 5.7 percent in April to a level of 1.12 million. The median price in the Midwest was $133,200.
• In the South, existing-home sales declined 1.0 percent to an annual pace of 1.95 million in April. The median price in the South was $142,80.
• Existing-home sales in the West slipped 1.6 percent to an annual level of 1.24 million in April. The median price in the West was $203,400.

For more information: http://www.realtor.org/press_room/news_releases/2011/05/sales_ease [1]