Existing-home sales dip in April

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 ...