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

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    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.
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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.

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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