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People selling their homes are continuing to have a hard time moving them as sales for April fell, while prices declined from last year.

According to the National Association of Realtors, annual sales for owners trying to sell their homes fell by 2.6 percent to 6 million, the lowest in about four years. The supply of homes on the other hand has increased to 8.4 months, the most on hand in 15 years.

“The market is lousy,” said David Sloan, senior economist with 4Cast, an economics research firm in New York. “The overall economy is not growing particularly strong. The Fed is keeping interest rates reasonably high because it’s worried about inflation. So I don’t think much is going to change in the fundamentals of the housing market.”

The price for people selling their homes has dropped by 0.8 percent, to $220,900. New homes have also experienced a price drop as April was the biggest recorded drop in history. The National Association of Realtors report added that the sales of new homes was the largest increase in 14 years, but the majority of economists believe that it's an anomaly, not a rebound.
 
The Northeast is experiencing the biggest hit, as sales drooped by 8.8 percent, with prices falling by 0.6 percent. In the West, sales dropped by 1.7 percent; the South by 1.2 percent; and the Midwest was in the best shape with sales decreasing by 0.7 percent.

This is important to all businesses as people have been using their homes as piggybanks and using money from sales and refinancing to buy much of the products and services we offer.