US home sales slide in April amid listing shortage - The Detroit News
Washington — Sales of existing U. S. homes slipped in April due to relatively few listings and rising prices, a trend that could weigh on the recovering housing market. The National Association of Realtors said Thursday that sales of existing homes fell 3. 3 percent last month to a seasonally adjusted annual rate of 5. 04 million. April marked the second straight month of the sales rate topping 5 million homes. 3 months’ supply of homes is on the market, versus an average of six months in a healthy market. The median home sold in just 39 days last month, versus 52 days in March and 62 days in February. Median home prices climbed 8. 9 percent over the past 12 months to $219,400. That’s more than four times faster than average hourly wage growth. Unless more homes come onto the market, there is a cap on how much sales can rise as more buyers face bidding wars and are priced out of the market. Millions of homeowners still owe more on their mortgages than their homes are worth — and they’re unwilling to sell at a steep loss, depriving the market of inventory. Source: www.detroitnews.com
