Homes Sales Dip, Prices Down Sharply

The National Association of Realtors reported that sales by homeowners dipped in April to an annual pace of 4.89 million, down 1% from the revised March reading of 4.94 million.

The existing home sales rate – including single-family, townhomes, condominiums and co-ops – is 17.5% below the 5.93 million units sold in April 2007.

The median price of a home sold during the month fell to $202,300, down 8% from $219,900 a year ago. Prices are being pushed down by the growing number of existing homes on the market.

Before the start of the current housing slump, it had been 11 years since prices had fallen compared to a year earlier.

Homes available for sale at the end of April rose 10.5% to 4.55 million, which represents an 11.2-month supply at the current sales pace, up from a 10.0-month supply in March.