Home sales drop 0.5 percent in April
Single family home sales were 12.6 percent lower than a year ago, and the median selling price was 5.4 percent lower
This chart shows single family home prices from the end of 2006 through April 2011. The median selling price in April fell below the level seen a year before.
SoldAtTheTop
Today, the National Association of Realtors (NAR) released their Existing Home Sales Report for April showing a trifecta of housing malaise, notable declines to both sales and prices as well as climbing inventory.
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'SoldAtTheTop' is not a pessimist by nature but a true skeptic and realist who prefers solid and sustained evidence of fundamental economic recovery to 'Goldilocks,' 'Green Shoots,' 'Mustard Seeds,' and wholesale speculation.
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Single family home sales declined 0.5% from March falling 12.6% below the level seen last year while the median selling price declined a notable 5.4% below the level seen in April 2010.
Further, inventory of single family homes remains high climbing 11.4% from March but declining 2.6% below the level seen in April 2010 which, combined with the relatively slow pace of sales, resulted in a jump in the monthly supply to 9.0 months.
The following charts (click for full-screen dynamic version) shows national existing single family home sales, median home prices, inventory and months of supply since 2005.
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