Existing-home sales fall more than expected
REUTERS/Robert Galbraith
US existing-home sales fell more than expected in April, the National Association of Realtors said on Wednesday.
Sales of existing condos, coops, and single-family homes fell by 2.3% at a seasonally adjusted annual rate of 5.57 million.
Economists had forecast that sales fell 1.1% at a seasonally adjusted annual rate of 5.65 million. Sales in March, which previously eclipsed the 10-year high, were revised down to a 5.70 million pace.
Homes were on the market for the briefest amount of time on record in April amid “stubbornly low supply levels,” the NAR said.
“Demand is easily outstripping supply in most of the country and it’s stymieing many prospective buyers from finding a home to purchase,” said Lawrence Yun, the NAR’s chief economist.
Mortgage applications climbed for three straight months through May, showing that demand remains strong even though the inventory of affordable homes is low and prices are rising faster than wages.
Earlier this year, the NAR noted that wealthier buyers who were willing to pay in cash made up an above-average share of the market and held a competitive advantage over first-time buyers.
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