Industry News

Home sales, prices fell in April

NAR reports rising unsold inventory
Published on May 25, 2007

The rate at which existing homes sold in April fell by double digits from the same month last year, while the median home price declined slightly, the National Association of Realtors reported today. Total sales of existing homes, including single-family, townhomes, condominiums and co-ops, fell to a seasonally adjusted annual rate of 5.99 million units in April, which is 10.7 percent lower than the 6.71 million-unit pace recorded a year ago. Compared to the previous month, April's sales rate was 2.6 percent below March's 6.15 million-unit rate, NAR reported. "We've been anticipating slower home sales because many subprime loan products are no longer available," Lawrence Yun, NAR senior economist, said in a statement. "In addition, increased scrutiny by lenders is stopping risky mortgage origination, which is good for both consumers and the lending community. Fortunately, a wide availability of conventional mortgage products and the 4.5 million jobs created over the past 24...

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