U.S. existing-home sales fall for a second straight month
The numbers: Existing-home sales ran at a seasonally adjusted annual 5.19 million rate in April, the National Association of Realtors said Tuesday. That was 0.4% lower than March and 4.4% lower than a year ago.
The median selling price in April was $267,300, a 3.6% annual increase. At the current pace of sales, it would take 4.2 months to exhaust available supply, well below the 6-month threshold that’s traditionally been considered a marker of a balanced market. Properties stayed on the market for an average of 24 days in April.
First-time buyers made up 32% of transactions in April, while individual investors accounted for 16% of buyers during the month. But more recent comprehensive research – NAR’s is based on survey data – suggests first-time buyers currently make up about the same share of the market that they have for the past two decades – nearly half.
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