Total existing-home sales in the U.S. including single-family, townhomes, condominiums and co-ops fell 2.6% to a seasonally adjusted annual rate of 5.99 million units in April from an upwardly revised level of 6.15 million in March, and are 10.7% lower than the 6.71 million-unit pace in April 2006, the National Association of Realtors announced on Friday.

“We’ve been anticipating slower home sales because many subprime loan products are no longer available,” said Lawrence Yun, NAR senior economist. “In addition, increased scrutiny by lenders is stopping risky mortgage origination, which is good for both consumers and the lending community. Fortunately, a wide availability of conventional mortgage products and the 4.5 million jobs created over the past 24 months will help to stabilize the market going forward.”

The national median existing home price for all housing types was $220,900 in April, down 0.8% from April 2006 when the median was $222,600. The median is a typical market price at which half of the homes sold for more and half sold for less, but there is a downward skew in the current national comparison because sales have shifted away from many high-cost areas during the last year.

NAR President Pat V. Combs, from Grand Rapids, Mich., and vice president of Coldwell Banker AJS-Schmidt, said historically low mortgage interest rates continue to support the housing market. “Long-term financing remains favorable, but interest rates are rising,” she said. “Although some buyers have a wait-and-see attitude regarding home prices, they should consider that rising interest rates later this year could offset a lower sales price when you get down to the monthly payments.

“Because all real estate is local and conditions vary widely, buyers should consult with a Realtor® for expertise on conditions in their area,” Combs added.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.18% in April, up from 6.16% in March; the rate was 6.51% in April 2006. This week, Freddie Mac reported the fixed rate jumped to 6.37%.

Total housing inventory rose 10.4% at the end of April to 4.20 million existing homes available for sale, which represents a 8.4 month supply at the current sales pace, up from a 7.4 month supply in March.

Single-family home sales declined 2.4% to a seasonally adjusted annual rate of 5.22 million in April from an upwardly revised 5.35 million in March, and are 11.2% below the 5.88 million-unit level in April 2006. The median existing single-family home price was $220,500 in April, which is 0.9% below a year ago.

Existing condominium and co-op sales fell 3.8% to a seasonally adjusted annual rate of 770,000 units in April from a level of 800,000 in March, and are 7.7% lower than the 834,000-unit pace in March 2006. The median existing condo price3 was $223,700 in April, up 1.0% from a year earlier.

Regionally, existing-home sales in the Midwest eased by 0.7% in April to a level of 1.38 million, and are 11.5% below a year ago. The median price in the Midwest was $166,600, which rose 1.9% from April 2006.

Existing-home sales in the South slipped 1.2% to an annual sales rate of 2.38 million in April, and are 8.8% below April 2006. The median price in the South was $181,100, down 0.3% from a year ago.

Existing-home sales in the West declined 1.7% in April to an annual pace of 1.19 million, and are 15.6% below a year ago. The median price in the West was $338,200, which is 2.1% lower than April 2006.

Existing-home sales in the Northeast fell 8.8% to a level of 1.04 million in April, and are 8.8% lower than April 2006. The median existing-home price in the Northeast was $283,600, which is 0.6% below a year ago.