April existing home sales drop, marking three straight months of declines

LOUISVILLE, Ky. (WAVE/NBC) - Home sales have fallen for the third straight month this year as home prices continue to rise at a record pace.

It’s still a seller’s market, despite a dip in existing home sales.

For the third straight month, sales of existing homes have fallen slightly by nearly 3 percent in April.

The National Association of Realtors said in April, the median sale price for a home was a record $341,600. That’s up 19 percent from a year ago. It also reported that homes are selling in a record fast 17 days.

In fact, 88 percent of homes sold in April were on the market for less than a month. Real estate experts say the record prices are because of market shortages, which is creating stiff competition, especially coming from the number of all-cash buyers.

Many real estate companies expect the housing market to flatten as the year goes on, especially as more building supplies becomes available.

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