April existing home sales off nearly 7% from last year

|By:, SA News Editor

April marks the first gain in existing home sales this year, according to the NAR, with the seasonally-adjusted annualized rate rising 1.3% to 4.65M. On a year-over-year basis existing home sales are down 6.8%, and the group's Lawrence Yun allows that annual home sales in 2014 will be lower than last year.

Housing inventory of 2.29M homes gained 16% in April and represents a 5.9 month supply at the current sales pace, up from 5.1 months in March.

The median price of $201,700 is up 5.2% Y/Y.

First-time buyers represent just 29% of all buyers (the same as a year ago), and all-cash sales made up 32% of all transactions (also flat Y/Y).

Regions: Northeast down 6.3% Y/Y to 600K, Midwest down 9.6% to 1.03M, South -3.5% to 1.94M, West -10% to 1.08M

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