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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Home Sales Tick Up Slightly From March to April

Sales of previously occupied homes ticked up slightly from March to April, thanks to low mortgage rates and prices driven down by foreclosures and the bursting of the housing bubble, a real estate group said moments ago.

According to the National Association of Realtors, home sales rose 2.9 percent from March to April.

Home prices were down 15.4 percent from this time last year, the group said, and are down more than 32 percent from their peak in 2006.

The median sales price plunged from $201,300 in March of last year to $172,000 in March of this year, the group said, the second-largest drop on record.

The housing market -- and the broader economy -- is still burdened by an excess of inventory, or unsold housing, which now stands at about an 11-month supply. Until that is burned down to a two- or three-month supply, the housing market will not begin recovery.

-- Frank Ahrens
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By Frank Ahrens  |  May 27, 2009; 10:19 AM ET
Categories:  The Ticker  | Tags: National Association of Realtors, home sales  
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