April Housing Market Results Reported

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.

Existing Home Sales By Region

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.

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