US Existing Home Sales Fall 1.9% in April Amid Rising Prices
Existing home sales in the United States fell by 1.9% in April, resulting in a seasonally adjusted annual rate of 4.14 million, down from a revised 4.2 million in March, according to the National Association of Realtors. The median price of previously occupied homes increased by 5.7% to $407,600, marking the tenth consecutive increase and setting a record for April.
The decline in sales is attributed to high mortgage rates and rising home prices. The 30-year fixed-rate mortgage has increased five of the last six weeks, reaching 7.02%, up from 6.39% a year ago. Despite the decrease in sales, the supply of homes rose by 9% from March to 1.2 million, although it remains relatively low.
