The National Association of Realtors (NAR) reports sales of existing US homes declined slightly less than expected in April, falling 1% to a seasonally adjusted rate of 4.89 million units annually. A record number of unsold homes are on the market.

Existing home sales were 17.5% below April 2007 and median sales price declined 8% over the past year, the second largest year-over-year decline.

Sales volume increased 6.4% in the West, was flat in the South, and declined in the Midwest (6%) and in the Northeast (4.4%).