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U.S. Sales of Previously Owned Homes Fall for a Third Month

  • Contract closings dropped 2.7% to a 10-month low in April
  • Median selling prices surge by a record 19.1% from year ago
U.S. Existing-Home Sales Surged In July By Most On Record
Photographer: Bing Guan/Bloomberg
Updated on

Sales of previously owned U.S. homes dropped unexpectedly in April for a third straight month as an inventory crunch pushed up prices by the most on record and restrained purchases.

Contract closings decreased 2.7% from the prior month to an annualized 5.85 million, the slowest pace since June, according to Friday data from the National Association of Realtors. The median forecast in a Bloomberg survey of economists called for a 6.07 million rate in April.