Resales Rebound Ends

Existing-home sales slipped 2% in April after a two-month rebound as annual price appreciation on single-family homes fell below 5%, according to the National Association of Realtors.The NAR reported that sales of single-family homes, condominiums, and cooperatives fell from a seasonally adjusted annual rate of 6.90 million in March to 6.76 million in April. "Higher interest rates are slowing home sales, but we see this as another sign of a soft landing for the housing market, which remains at historically high levels," NAR chief economist David Lereah said. Meanwhile, median price increases of single-family homes are dropping fast. Single-family house price appreciation fell to 4.7% in April, compared with the median price in April 2005. In February, median house prices were still rising at a double-digit rate of 11.6%.