Fewer people purchased previously occupied homes in April. Activity among first-time homebuyers increased and foreclosure sales declined, but those factors weren’t enough to signal a recovery in the weak housing market. Sales of previously occupied homes fell 0.8% in April to a seasonally adjusted annual rate of 5.05 million units, the National Association of Realtors says. That’s far below the 6 million homes a year that economists say represents a healthy market. Purchases made by first-time homebuyers rose 3% to 36%. That’s still below the 40% that the trade group says is consistent with better markets. Annual sales hit a record high of nearly 7.1 million homes in 2005. Since then, sales have fallen in four of the past five years before hitting a 13-year low last year. Sales are falling even as prices decline. The median sales price in April rose 2.4% from March, to $163,700, but it’s still down 5% from the same month one year ago.
U.S. home sales, foreclosures drop in April
Sign up for the free Daily Report email – local news about the people, companies and issues that impact business impact business in Baton Rouge and beyond.
