US Home Sales Slow Less Than Expected In April

Source : The Business Times, May 23, 2008

WASHINGTON - Sales of existing US homes, the largest segment of the housing market, fell 1 per cent in April from March, a real-estate industry group said on Friday, citing tighter lending practises.

Existing-home sales slowed to a seasonally adjusted annual rate of 4.89 million units from an upwardly revised pace of 4.94 million in March, the National Association of Realtors said in a monthly update.

The pace was stronger than expected, with most analysts banking on a rate of 4.85 million units.

On a year-on-year basis, sales were 17.5 per cent below the 5.93 million units sold in April 2007. -- AFP