April US home sales fell as low inventory pushed up prices

Sales of previously occupied U.S. homes fell for the third straight month in April as the number of properties for sale hit a record low, driving prices to new highs

Sales of previously occupied U.S. homes fell for the third straight month in April as the number of properties for sale hit a record low, driving prices to new highs. Existing home sales fell 2.7% last month from March to a seasonally-adjusted rate of 5.85 million annualized units, the National Association of Realtors said Friday. Sales jumped 33.9% from April last year, when the pandemic caused sales to slow sharply. April's sales pace was the slowest since last June and well below the 6.01 million sales rate economists expected, according to FactSet. “Even with home sales declining modestly, one can describe the market as being hot,” said Lawrence Yun, NAR’s chief economist.“ All indications is that buyer demand remains strong.”