Industry News

Existing-home sales decline

West reports greatest drop from a year ago

Existing-home sales eased in April on the heels of a two-month rebound, according to the National Association of Realtors. Total existing-home sales – including single-family, townhomes, condominiums and co-ops – slipped 2 percent to a seasonally adjusted annual rate of 6.76 million units in April from a downwardly revised level of 6.9 million in March, and were 5.7 percent below the 7.17 million-unit pace in April 2005. The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. David Lereah, NAR's chief economist, said the decline was expected. "Our leading indicator for pending home sales was trending lower, and our forecast model is showing a modest decline for the second quarter with sales leveling out before rising in the fourth quarter," he said in a press statement. "Higher interest rates are slowing home sales, but we see this as another ...