**MNI DATA IMPACT: April Existing Home Sales Fall To 5.19M

By Kevin Kastner and Harrison Clarke

     WASHINGTON (MNI) - The pace of existing home sales slowed by 0.4% to a 5.19

million annual rate in April, below the 5.35 million rate expected by the

Bloomberg consensus and the 5.38 million expectation in an MNI survey of

analysts. 

     The following are the other key points from the April existing home sales

data released Tuesday by the National Association of Realtors:

     - March home sales were unrevised from the 5.21 million rate previously

reported.

     - The April sales pace stands just below the 5.21 million average for the

first quarter after revisions are included.

     - April resales in Northeast -4.5%, Midwest flat, South -0.4%, and West

+1.8.

     - April home supply +9.6% to 1.83m, and +1.7% year/year, allowing the

months supply to rise to 4.2 months from 3.8 months in March and 4.0 months a

year ago.

- Day on market fell to a record low of 24 in April, down from 26 days a year

ago, as tight supply continues to lift push prices higher.

     - NAR's Chief Economist Lawrence Yun said that historically low mortgage

rates and improved employment growth is helping to close the affordability gap

for existing homes. 

     - National median sales price +3.6% y/y to $267,300 in April.

--MNI Washington Bureau; +1 (973) 494-2611; email: harrison.clarke@marketnews.com

[TOPICS: MAUDR$,MAUDS$,M$U$$$]