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Charlottesville Virginia: Existing home sales fell 2.6 pct in April

By Patrick Rucker
Friday, May 25, 2007; 10:44 AM

WASHINGTON (Reuters)

The pace of existing home sales in the United States in April fell to their lowest since June 2003 while inventories swelled, the National Association of Realtors said in a report on Friday that showed more weakness than analysts had expected.

Sales were off 2.6 percent in April to an annualized pace of 5.99 million units. The inventory of homes for sale grew 10.4 percent to 4.2 million units, which represents an 8.4 months’ supply at the current sales pace.

 

Economists polled by Reuters were expecting home resales to rise to a 6.14 million-unit pace from the 6.12 million-unit rate initially reported for March. The March sales pace was revised to 6.15 million.

March was the ninth straight month in which prices of existing homes dropped from year-ago levels, with the national median price down 0.8 percent to $220,900.

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