Existing-Home Sales Fall For 3rd Straight Month

Total existing-home sales — completed transactions that include single-family homes, townhomes, condominiums, and co-ops — slid 2.4% from March to a seasonally adjusted annual rate of 5.61 million in April, NAR said. "Moreover, an increasing number of buyers with short tenure expectations could opt for five-year adjustable-rate mortgages, thereby assuring fixed payments over five years because of the rate reset," Yun added. Realtor.coms Market Trends Report in April shows that the largest year-over-year median list price growth occurred in Miami (+38.3%), Las Vegas (+32.6%), and Orlando (+30.7%). Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 620,000 units in April, down 1.6% from March and down 13.9% from one year ago. "As the nations largest real estate association, we are urging policymakers to enact zoning reforms, homebuilder incentives, and other necessary regulations to help correct this situation."