April Housing Market Results Reported
Existing-Home Sales Report
Existing-home sales slowed slightly during the month of April according to a recent report by the National Association of Realtors (NAR). Existing-home sales, which include recently purchased single family, townhomes, condominiums, and co-ops, fell by 0.8 percent to a seasonally adjusted annual rate of 5.05 million units nationally.
Lawrence Yun, NAR chief economist, believes the market can do better. "Given the great affordability conditions, job creation and pent-up demand, home sales should be stronger," he said. "Although existing-home sales are expected to trend up unevenly through next year, unnecessarily tight credit is continuing to restrain the market, along with a steady level of low appraisals that result in contract cancellations."
Total housing inventory increased 9.9 percent by the end of April to 3.97 million existing homes for sale. This represents a 9.2-month supply at today's current sales pace. Freddie Mac reported the national commitment rate for a fixed-rate conventional 30-year mortgage was 4.84 percent in April, unchanged from the month before.
