Existing-home sales dip in April 
Median real state price falls 5% year-over-year
By Inman News, Thursday, May 19, 2011.
After a monthly rise in March, sales of existing-homes dipped slightly in April compared to the month before, according to a report from the National Association of Realtors released today.
Completed sales of existing single-family homes, townhomes, condominiums and co-ops slipped 0.8 percent to a seasonally adjusted annual rate of 5.05 million in April from a downwardly revised 5.09 million in March, the report said. Sales fell 12.9 percent compared to April 2010 when a federal homebuyer tax credit program was in place.
According to the NAR report, the national median price for existing homes fell 5 percent year-over-year last month, to $163,700. Distressed properties, typically sold at a discount, made up 37 percent of sales in April, down from 40 percent in March and up from 33 percent in April 2010.
"Although existing-home sales are expected to trend up unevenly through next year, unnecessarily tight credit is continuing to restrain the market, along with a steady level of low appraisals that result in contract cancellations," said NAR chief economist Lawrence Yun in a statement.
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