WASHINGTON -- Existing-home sales fell a second month in a row during April, while inventories surged and prices dropped sharply from a year earlier.
Home resales fell to a 4.89 million annual rate, a 1.0% decrease from March's revised 4.94 million annual pace, the National Association of Realtors said Friday. Originally, the NAR estimated sales fell 2.0% to 4.93 million in March.
The median home price was $202,300 in April, down 8.0% from $219,900 in April 2007. The median price in March this year was $200,100. High inventories have exerted downward pressure on prices. The decline has kept would-be buyers from signing off on property as they wait for still-lower price tags.
Inventories of homes increased 10.5% at the end of April to 4.55 million available for sale, which represented an 11.2-month supply at the current sales pace (the highest level since 1982 (updated), see chart above, data available here). There was a 10.0-month supply at the end of March, revised from a previously estimated 9.9 months.