The National Association of Realtors is reporting that existing home sales were down 1.9% in march to a seasonally-adjusted annual rate of 4.14 million – down 1.9% year over year. Total housing inventory at the end of April was 1.21 million units, up 9% from March and up 16.3% from one year ago. Unsold inventory sits at a 3.5-month supply at the current sales rate with properties remaining on the market for around 26 days. The median existing-home price for all housing types in April was $412,100, up 5.6% from one year ago. In addition Distressed sales (foreclosures & short sales) represented 2% of sales in April – virtually unchanged from last month and one year ago.
“Home sales changed little overall, but the upper-end market is experiencing a sizable gain due to more supply coming onto the market.” Said NAR Chief Economist Lawrence Yun.
Click here to read the full report at the National Association of Realtors.
