Sales of previously occupied U.S. homes fell in April, as elevated mortgage rates and rising prices discouraged prospective homebuyers during what’s traditionally the busiest time of the year for the housing market.
Existing home sales dropped 0.5 percent last month, from March, to a seasonally adjusted annual rate of 4 million units, the National Association of Realtors said Thursday. The decline marks the slowest sales pace for the month of April going back to 2009 in the wake of the U.S. housing crisis. March’s sales pace was also that month’s slowest going back to 2009.
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