One of the nation’s largest real estate brokerage firms said home sales were essentially flat in April after a 25% spike in March.
Re/Max reported late Thursday that sales in April edged up 0.1% from the previous month.
Overall, sales are up 4.1% from a year ago on a nonseasonally adjusted basis.
The April report shows the inventory of homes for sale fell 3.7% from March and the inventory in Re/Max’s market is nearly 26% lower than in April 2011.
“With current levels of sales and inventory, an expected uptick in foreclosure properties could be absorbed if they come to market over a reasonable time frame,” the company said.
The Denver-based realty giant also reported that home prices rose 3.2% from March to April in the 53 metropolitan areas it tracks for its monthly “National Housing Report.”
The median sales price was $161,000 in April, a 6% gain from a year ago.
The Re/Max report comes out a few days before the National Association of Realtors releases its monthly report on existing home sales.
In March, both reported a 25% spike in home sales on a nonseasonally adjusted basis. Translated into a seasonally adjusted annual rate, NAR reported that existing home sales fell 2.6% from February to a 4.48 million rate in March.
NAR releases its April existing home sales report Tuesday morning.
