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Fewer Homes for Sale Makes U.S. Housing Recovery Painstaking

Bloomberg business news

Consumer Are Cautiously Optimistic: Kathwari

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A limited number of homes for sale and higher selling prices are making for one painstaking U.S. housing recovery.

Contract closings on previously owned properties unexpectedly dropped 3.3 percent to a 5.04 million annualized rate in April after a 5.21 million pace that was the strongest in almost two years, figures from the National Association of Realtors showed Thursday in Washington. Prices jumped the most since the start of 2014 as the inventory of houses on the market declined from the same time last year.