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Existing home sales slowest in 4 years
Article Launched: 05/26/2007

WASHINGTON - Sales of existing homes fell more than expected in April while prices slid for a record ninth consecutive month, indicating further troubles ahead for the housing market.

The National Association of Realtors reported Friday that sales of existing homes dropped by 2.6 percent last month to a seasonally adjusted annual rate of 5.99 million units, the slowest sales pace in nearly four years.

The median price of a home fell to $220,900, a drop of 0.8 percent from the median price a year ago. The median is the point where half the homes sold for more and half for less.

The slide in existing home sales came after a report Thursday that showed a 16.2 percent surge in sales of new homes in April that occurred as the median price of a new home fell by a record 11.1 percent from the previous month.

Analysts said the disparity in sales of new and existing homes for April reflected in part the decision by builders to aggressively cut prices to unload inventory while homeowners are still reluctant to lower their asking prices.

"It is only a matter of time before homeowners realize that the dream is over and that price cuts are now necessary to sell their homes," said Peter Schiff, president of Euro Pacific Capital, a Darien, Conn., investment firm.
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http://www.mercurynews.com/businessheadlines/ci_5994258