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Inventory grows faster than sales

NAR: April brings spring sellers into the market

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Sales of existing homes edged up 2.9 percent from March to April, but inventory swelled by 8.8 percent as sellers entered the spring market, the National Association of Realtors said today.The inventory of existing homes hit 3.97 million, a 10.2-month supply at the current pace of sales, up from 9.6 months in March, NAR said.At an annual rate of 4.68 million units, existing-home sales were down 3.5 percent from a year ago, with most of the sales taking place in lower price ranges. Distressed properties accounted for 45 percent of all sales, helping push the median home price down 15.4 percent from a year ago, to $170,200, NAR reported.In a separate report, the latest numbers from Standard & Poor's Case-Shiller showed a record 19.1 percent year-over-year decline in a national home-price index during the first quarter -- the largest in data going back 21 years.The S&P Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, showed average home pri...