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Existing-home sales dip 2.3% in April
Existing-home sales retreated 2.3% in April after reaching a 10-year high in March. NAFCU Research Assistant Yun Cohen said despite the dip, April sales were still 1.6% higher than year prior according to a Macro Data Flash report.
Based on current sales, there were 4.2 months of supply at the end of April. Analysts consider 6 months of supply to be roughly balanced between supply and demand.
"As a result of the tight market, a typical home was sold after being on the market for merely 29 days, the shortest timeframe since the [National Association of Realtors] began tracking in 2011," Cohen said of the data, released by the NAR Wednesday. "Competition among buyers also continues to drive prices higher. Nevertheless, the outlook remains positive overall in light of a strong labor market and improving rates of household formation."
The median existing-home price increased from $236,600 in March to $244,800 (not seasonally adjusted) in April. This is 6 percent higher than the median price from a year ago. April marks the 62nd consecutive month of year-over-year price increases.
From a year ago, sales improved in two of the four regions. Sales in the South increased 3.6 percent versus April 2016, followed by the West (+3.5 percent). Year over year, sales in the Northeast and the Midwest were down 2.7 percent and 0.7 percent, respectively.
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