WASHINGTON, May 23 (UPI) -- The National Association of Realtors said U.S. existing home sales dropped 1 percent in April to a seasonally adjusted annual rate of 4.89 million units.
The figure, which has been in decline since September, includes sales of single-family homes, townhouses, condominiums and co-ops.
The national median price for existing homes was $202,300, down 8 percent from the April 2007 median price of $219,900, the report said.
Inventory of homes on the market rose 10.5 percent to 4.55 million during the month, representing a 11.2 month supply at current prices, the report said.
Recent changes in lending "are significant" NAR chief economist Lawrence Yun said, encouraging would-be buyers to take a second look. "A recent notable drop in interest rates on conforming jumbo loans will help consumers in high-cost markets like California and New York," he said.
