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Friday, May 25, 2007

April Existing Home Sales

by Calculated Risk on 5/25/2007 10:07:00 AM

UPDATE: Added NAR press release.

The National Association of Realtors (NAR) reports Tighter Lending Standards Affect April Existing-Home Sales

Total existing-home sales including single-family, townhomes, condominiums and co-ops fell 2.6 percent to a seasonally adjusted annual rate of 5.99 million units in April from an upwardly revised level of 6.15 million in March, and are 10.7 percent lower than the 6.71 million-unit pace in April 2006.
The national median existing-home price for all housing types was $220,900 in April, down 0.8 percent from April 2006 when the median was $222,600.
Existing Home Sales Click on graph for larger image.

The first graph shows the NSA sales per month for the last 3 years.

The pattern of YoY declines in sales is continuing. For New home sales, March is usually the strongest sales month of the year. For existing homes, the Summer months are more critical.

Existing Home Months of Supply
The second graph shows the months of supply. With the months of supply now over 8 months, we should expect falling prices nationwide. The NAR reports that YoY prices fell again in April.

Existing Home Inventory The third graph shows nationwide inventory for existing homes. According to NAR, inventory increased to a record 4.2 million units in April.
Total housing inventory rose 10.4 percent at the end of April to 4.20 million existing homes available for sale, which represents a 8.4 month supply at the current sales pace, up from a 7.4 month supply in March.
I'm surprised that the NAR doesn't mention this is the all time record for inventory (not months of supply though).