Economics
US Previously Owned Home Sales Fall to Lowest Since June 2020
- Existing-home sales dropped a third month in April, NAR says
- High mortgage rates and prices, low inventory held back sales
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Sales of previously owned US homes fell in April to the lowest since June 2020, held back by lean inventory, as well as rising prices and mortgage rates.
Contract closings decreased 2.4% in April from the prior month to an annualized 5.61 million, figures from the National Association of Realtors showed Thursday. The median forecast in a Bloomberg survey of economists called for 5.64 million.