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Sales of existing homes dipped 2.3% to a seasonally adjusted annual rate of 5.57 million in April from a downwardly revised 5.70 million in March but were still 1.6% ahead of the same month last year, the National Association of Realtors reported Wednesday. Lawrence Yun, NAR chief economist, says every major region except for the Midwest saw a retreat in existing sales in April. “Last month’s dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2%, and new and existing inventory is not keeping up with the fast pace homes are coming off the market,” he said. “Demand is easily outstripping supply in most of the country and it’s stymieing many prospective buyers from finding a home to purchase.” The median existing-home price for all housing types in April was $244,800, up 6.0% from April 2016 ($230,900). April’s price increase marks the 62nd straight month of year-over-year gains. Single-family home sales decreased 2.4% to a seasonally adjusted annual rate of 4.95 million in April from 5.07 million in March, but are still 1.6% above the 4.87 million pace a year ago. The median existing single-family home price was $246,100 in April, up 6.1% from April 2016. Existing condominium and co-op sales declined 1.6% to a seasonally adjusted annual rate of 620,000 units in April, but are still 1.6% higher than a year ago. The median existing condo price was $234,600 in April, which is 5.6% above a year ago. April existing-home sales in the Northeast dipped 2.7% to an annual rate of 730,000, and are now 2.7% below a year ago.

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