Article Image
IPFS News Link • Economy - Economics USA

Existing Home Sales Decline for the 14th Time in 15 Months

• by Mish

The National Association of Realtors® reports Existing-Home Sales Faded 3.4% in April

Key Highlights

Existing-home sales receded 3.4% in April to a seasonally adjusted annual rate of 4.28 million. 

Sales fell 23.2% from one year ago.

The median existing-home sales price slipped 1.7% from one year ago to $388,800.

The inventory of unsold existing homes increased 7.2% from the previous month to 1.04 million at the end of April, or the equivalent of 2.9 months' supply at the current monthly sales pace.

All-cash sales accounted for 28% of transactions in April, up from 27% in March and 26% the previous year.

Individual investors or second-home buyers, who make up many cash sales, purchased 17% of homes in April, identical to March and one year ago.