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Existing-home sales fell 3.3 percent nationwide in April, but year-over-year sales have increased for seven consecutive months and were 6.1 percent higher in April than a year ago, according to data published by the National Association of Realtors.

The data was analyzed by NAFCU Research Assistant Yun Cohen.

Cohen, in a NAFCU Macro Data Flash report, said existing-home sales slipped during April to 5.04 million seasonally adjusted units. "Total inventory was down 0.9 percent from a year ago despite a 10 percent monthly increase in April," Cohen said. "The tight supply relative to demand continues to drive up prices and constrain sales. The lack of wage growth also limits the sales volume."

However, Cohen added, "Job growth and low interest rates are helping to support demand in housing."

Sales decreased in three of the four regions during April. The largest decline was in the South (-6.8 percent), followed by the Northeast (-3.1 percent), and the West (-1.7 percent). The Midwest reported the only increase with 1.7 percent sales growth.

Based on April sales, there were 5.3 months of available supply at the end of the month, up from March's 4.6 months of supply. April's supply was down 5.4 percent from a year ago.

The median existing-home price increased from a revised $210,700 in March to $219,400 (not seasonally adjusted) in April. The 8.9 percent year-over-year price gain in April was the largest increase since January 2014.