NAR: Home Sales Decreased in April, Housing Supply Increased

Chicago–Existing homes sales slowed in April and the housing inventory grew, according to a Chicago-based National Association of Realtors report released Friday.The NAR said homeowner sales fell in April to an annual pace of 4.89 million, a 1 percent drop from the revised March reading of 4.94 million, CNNMoney.com reports.The existing home sales rate–which includes single-family, townhomes, condominiums and co-ops–is 17.5 percent less than the 5.93 million units sold in April of last year.The supply of available, for-sale homes increased 10.5 percent to 4.55 million at the end of April–an 11.2-month supply of homes at the current sales pace. In March, the U.S. had a 10-month supply.Because a large number of homes are on the market, the median home price dropped to $202,300 in April–an 8 percent reduction from 2007.