Existing Home Sales Slip in April

Washington, DC, May 19, 2011--Resales of single-family homes and condos fell 0.8% in April to a seasonally adjusted annual rate of 5.05 million, the National Association of Realtors reported Thursday.

The market has made six gains in the past nine months.

In March, sales were downwardly revised to 5.09 million. April 2011's showing is 12.9% below the 5.80 million pace of April 2011, which was positively affected by the home buyer tax credit that has since expired.

Lawrence Yun, NAR chief economist, said the market is underperforming. “Given the great affordability conditions, job creation and pent-up demand, home sales should be stronger,” he said. “Although existing-home sales are expected to trend up unevenly through next year, unnecessarily tight credit is continuing to restrain the market, along with a steady level of low appraisals that result in contract cancellations.”