Existing Home Sales Up But Condo 'Supply' Rising

Sales of existing single-family homes rose 2.5% in April from the previous month but new figures show that the supply of existing condominiums and cooperatives for sale is continuing to grow again and now stands at 15.1 months, the highest reading since October. Condominium prices are down 17.3% from last year with single-family units declining 14.9% in value. According to figures released by the National Association of Realtors, first-time home buyers are driving the market, snatching up units at a steep discount from years past. The trade group says the national median home price is now $175,200 — a 12.4% decline from a year ago. (The figure includes both condos and single-family detached units.) In April existing homes sold at an annualized rate of 4.18 million in units, an increase from March but a 2.8% decline from April 2008. When condos and cooperatives are factored in all home sales averaged 4.68 million units, a 2.9% increase from March but a 3.5% drop from the same month last year. NAR chief economist Lawrence Yun says the housing market appears to be stabilizing but noted that the jumbo market has stalled.