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.

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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