Existing home sales fell 17.5% in April from the same month last year to a seasonally adjusted annualized rate of 4.89 million units, according to the most recent figures from the National Association of Realtors. Existing single family home sales were down 16.1% year-over-year to a seasonally adjusted rate of 4.34 million units.
Through the end of April, nearly 1.4 million existing homes have been sold, down 20% from the same period last year.
Median existing home sales prices fell 8.0% from April, 2007 to $202,300. Inventory of unsold existing homes also rose to 11.2 months at current sales rates; last April's inventory was 8.5 months.
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