Existing-home sales down; median price $163,700

Existing-home sales slipped 0.8 percent in April to a seasonally adjusted annual rate of 5.05 million from a downwardly revised 5.09 million in March, according to the National Association of Realtors.

Those numbers are 12.9 percent below a 5.80 million pace in April 2010.

“Given the great affordability conditions, job creation and pent-up demand, home sales should be stronger,” said Larence Yun, NAR’s chief economist. “Although existing-home sales are expected to trend up unevenly through next year, unnecessarily tight credit is continuing to restrain the market, along with a steady level of low appraisals that result in contract cancellations.”

First-time buyers purchased 36 percent of homes in April, up from 33 percent in March.

All-cash transactions stood at 31 percent in April, down from a record level of 35 percent in March. Investors account for the bulk of cash purchases.

The national median existing-home price for all housing types was $163,700 in April which is 5.0 percent below April 2010.

Distressed homes – typically sold at a discount of about 20 percent – accounted for 37 percent of sales in April, down from 40 percent in March. They were 33 percent in April 2010.