Sales of existing homes in the U.S. declined 2.6 percent in April, the Associated Press reported May 26, 2007.
The National Association of REALTORS® released the data.
The median price of a home in the U.S. fell to $220,900, a 0.8 percent drop from the median price a year ago and a record ninth consecutive monthly decline. The median is the point where half the homes sold for more and half for less.
"The slide in existing home sales came after a report Thursday that showed a big 16.2 percent surge in sales of new homes in April that occurred as the median price of a new home fell by a record 11.1 percent from the previous month."
In a sign that the housing market will remain under pressure, "[t]he supply of existing homes for sale shot up to a record total of 4.2 million in April, an increase of 394,000 from the March supply."