U.S. existing Home sales showed weakness in April in all regions except the Midwest.
Below are some of the highlights of April’s Existing Home Sales Report:
- Existing home sales were down 0.8% based on the completed transactions in April. This decline in sales comes after an increase in March. However, existing sales were down 12.9% year over year, and the 12-month change has been mostly negative since June 2010.
- Existing home sales peaked in September 2005 and declined about 30% through April 2011. However, existing sales improved significantly during late 2009 through early 2010, primarily as a result of the U.S. government’s now-expired tax incentives.
- Existing sales declined in all regions except the Midwest in April. Existing sales in the South decreased 1% in April and are 9.3% below their April 2010 level. Existing sales in the Northeast declined 7.5%, but declined 32.1% year over year. Existing sales in the Midwest increased 5.7% in April, but declined 16.4% from a year ago. Finally, existing sales in the West declined 1.6% and are up 0.8% year over year.
- Existing condominium and co-op sales dropped 3.1% in April, and single-family home sales dipped 0.5%.
- The national median home sale price was $163,700 last month, down 5.0% from April 2010, and down across all regions on a year-over-year basis.
- April’s official inventory is 3.87 million homes, up 9.9% since March. The months’ supply increased to 9.2 months in April from 8.3 months in March at the current sale pace. This does not include the unofficial shadow inventory, which remains the key concern for the housing market recovery in addition to the high unemployment rate.
- High levels of distressed sales are likely to push home prices lower because distressed homes are usually sold at a discount. Distressed sales were about 37% of total sales in April, down from 40% in March. Distressed sales were 33% of April 2010’s total.
For the full report, click here: US Existing Home Sales Showed Weakness In April In All Regions Except The Midwest