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Existing Home Sales Dip, Inventory Up In April

The number of previously owned homes sold in April fell 1.9 percent from the month before, according to new numbers from the National Association of Realtors. The monthly decline put sales about 2 percent lower than where they were last year at the same time. Lawrence Yun, NAR's chief economist, says sales trends haven't changed too much, except on the higher end of the market. “Home sales changed little overall, but the upper-end market is experiencing a sizable gain due to more supply coming onto the market,” Yun said. It's true. Sales have surged for homes priced $1 million or more. In fact, high-end home sales have risen 34 percent from last year due to a 40 percent jump in available inventory. But it isn't just the upper-end of the market seeing inventory gains. The NAR says total housing inventory rose 9 percent in April and is now 16.3 percent higher than one year ago. That's good news for buyers, as it should help slow future price increases and lead to a better balanced market.


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