The pace of existing sales in the United States again fell in April, according to the National Association of Realtors. The organization blamed the persistent lack of available homes for sale for the slowdown, with this condition also contributing to higher home prices and increased competition among buyers.

The seasonally adjusted annual rate for the month stood at 5.46 million. This figure was down 2.5 percent from March and 1.4 percent from April 2016, marking the second straight month with a year-over-year decrease.

Lawrence Yun, chief economist at the National Association of Realtors, said inventory levels continue to keep sales below expected levels. The total number of single-family homes, condominiums, townhouses, and co-ops for sale in April was 1.8 million. While this was up 9.8 percent from the previous month, it was down 6.3 percent from the previous year – the 35th consecutive month with an annual decline in housing inventory.

"Realtors say the healthy economy and job market are keeping buyers in the market for now even as they face rising mortgage rates," said Yun. "However, inventory shortages are even worse than in recent years, and home prices keep climbing above what many home shoppers are able to afford."

The median price for an existing home in April was $257,900. This was up 5.3 percent from the April 2017 median of $245,000. Median home prices have been climbing on an annual basis for 74 months in a row.

Single-family homes were slightly more expensive, with a median price of $259,900 – up 5.5 percent from April 2017. The rate of single-family home sales in April dropped 3 percent from March and 1.6 percent from the previous year to 4.84 million.

Condominium and co-op sales picked up slightly, with the annual rate of 620,000 sales marking a 1.6 percent increase from March. However, this rate was unchanged from April 2017. The median price for a condominium or co-op increased 3.4 percent from the previous year to $242,500.

Homes that sold in April usually found a buyer within a month. The typical property was listed for 26 days before a sale, four days faster than in March and three days faster than in April 2017. Fifty-seven percent of all homes sold in April found a buyer within a month of listing.

"What is available for sale is going under contract at a rapid pace," said Yun. "Since NAR began tracking this data in May 2011, the median days a listing was on the market was at an all-time low in April, and the share of homes sold in less than a month was at an all-time high."

First-time buyers became more prevalent during the month, reaching their highest share of existing home buyers since last July. Thirty-three percent of buyers in April were purchasing their first home, up from 30 percent in March. However, this was down from the share in April 2017 as well as the annual share for 2017 as a whole, which both stood at 34 percent.

Mortgage rates continued to climb, with Freddie Mac reporting an average commitment rate of 4.47 percent for a 30-year fixed rate conventional mortgage. This was the highest rate since September 2013 and up nearly half a point from 2017 as a whole.

"With mortgage rates and home prices continuing to climb, an increase in housing supply is absolutely crucial to keeping affordability conditions from further deterioration," said Yun. "The current pace of price appreciation far above incomes is not sustainable in the long run."

Twenty-one percent of April's existing home sales were made without financing, up from the all-cash share of 20 percent in March but unchanged from the previous year. Individual investors, who often account for all-cash sales, bought 15 percent of the homes sold in April – unchanged from both the previous month and previous year.

Distressed sales hit their lowest point since the National Association of Realtors began tracking this information in October 2008. Only 3.5 percent of existing homes sold in April were distressed properties, including 3 percent that were disclosures. Short sales made up one half of one percent of all sales.

In the Northeast, the annual pace of existing home sales dropped 4.4 percent from March and 11 percent from April 2017 to 650,000. The median sales price of $275,200 was up 2.8 percent from the previous year.

The South was the only region with some growth in sales. The annual rate of 2.33 million was down 2.9 percent from the previous month, but 2.2 percent greater than the previous year. The median price for a home sold in the region in April was $227,600, a year-over-year increase of 3.9 percent.

Strong price growth continued in the West, with the median existing home price of $382,100 in the region marking a jump of 6.2 percent from the previous year. The existing home sales pace of 1.19 million in April was down 3.3 percent from the previous month and 0.8 percent from the previous year.

In the Midwest, the existing home sales rate of 1.29 million showed no change from the previous month and was down 3 percent from April 2017. The median sales price grew 4.6 percent to $202,100.