U.S. existing home sales fell 2.6 pct in April
Published May 27th, 2007
The pace of existing home sales in the United States fell in April to a 5.99 million-unit annual rate while inventories swelled, the National Association of Relators said in a report on Friday that showed more weakness than analysts had expected.
Sales were off 2.6 percent in April and hit their lowest level since June 2003.
The inventory of homes for sale grew 10.4 percent to 4.2 million units, which represents an 8.4 months’ supply at the current sales pace.
Economists polled by Reuters were expecting home resales to rise to a 6.14 million-unit pace from the 6.12 million-unit rate initially reported for March. The March sales pace was revised to 6.15 million.
March was the ninth straight month in which prices dropped from year-ago levels, with the national median price down 0.8 percent to $220,900.
Friday’s data comes a day after a report that showed sales of new homes rose 16.2 percent in April, the sharpest climb in 14 years, while prices fell a record 11 percent, in a sign that builders are taking extraordinary steps to move out inventories of homes.
Related Articles
