April Existing Home Sales Off 2.6%

Washington, DC, May 25, 2007--Existing home sales fell 2.6 percent to an annual rate of 5.99 million in April from 6.15 million in March, according to the National Association of Realtors.  It was the lowest level in hit in almost four years.

The supply of homes for sale at the current sales pace rose to the highest since August 1992.

The decline suggests that homeowners may have to cut prices further before sales stabilize. A government report yesterday showed that sales of new homes, which account for 15 percent of the market, surged

Economists had expected sales to come in at a 6.12 million annual rate, unchanged from the originally reported March figure.

The number of existing homes on the market at the end of April represented 8.4 months' worth at the current sales pace. The supply of homes for sale increased 10.4 percent to 4.2 million last month.

Purchases fell 8.8 percent in the Northeast and fell 0.7 percent in the Midwest. They declined 1.2 percent in the South and fell 1.7 percent in the West.

The median price of an existing home fell 0.8 percent last month from a year earlier to $220,900.