U.S. existing home sales edge down, prices further dip in April

U.S. existing-home sales slipped in April, with sales prices further declining, fresh evidence of a still faltering property market, a leading industry group reported Thursday.

Existing-home sales, including completed transactions of single- family houses, apartments and condominiums, declined 0.8 percent to a seasonally adjusted annual rate of 5.05 million in April from a downwardly revised 5.09 million in March, and are 12.9 percent below a 5.8 million pace in April 2010, the National Association of Realtors (NAR) said in a report.

NAR chief economist Lawrence Yun held that the market is underperforming.

"Given the great affordability conditions, job creation and pent-up demand, home sales should be stronger," Yun said.

Although existing-home sales are expected to trend up unevenly through next year, unnecessarily tight credit is continuing to restrain the market, he added.

The national median existing-home price for all housing types was 163,700 dollars in April, down 5 percent from a year ago, noted the report.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 4.84 percent in April, unchanged from March, while the rate was 5.1 percent in April 2010.

Source: Xinhua

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