Nationally, the volume of existing home sales in April was down 6.8% compared with April 2013. The announcement was made by Lawrence Yun, chief economist for the National Association of Realtors,® which tracks the data collected from multiple-listing services around the country. Month-to-month tracking showed an improvement from March to April, even with seasonal adjustments.
The median existing-home price for all housing types nationally in April was $201,700, which is 5.2% above April 2013; in the first quarter the median price was 8.6% above a year earlier. “Current price data suggests a trend of slower growth, which bodes well for preserving favorable affordability conditions in much of the country,” Yun said.
Housing inventory (homes for sale) increased to provide a healthy six-month average supply of homes. More sellers in the market will keep price increases at a moderate level.
Foreclosures accounted for 10% of sales in April and short sales 5%. All cash sales continued at a fairly high level even as investors began to pull back at the price increases.
The full report provides a breakdown by regions, showing that sales in the western part of the United States are down 10% compared with one year ago.