US Existing-Home Sales Fall to Three-Month Low, While Prices Retreat
- Contract closings decreased 3.4% in April; down in all regions
- Median selling price fell 1.7% from year ago, most since 2012
Elevated borrowing costs remain a key hurdle for many prospective buyers.
Photographer: Nathan Howard/BloombergThis article is for subscribers only.
Sales of previously owned US homes fell in April, restrained by limited inventory and high mortgage rates, while the median selling price dropped by the most in 11 years.
Contract closings decreased 3.4% to a 4.28 million annualized pace, the slowest in three months, according to data released Thursday by the National Association of Realtors. The figure was in line with the median estimate in a Bloomberg survey of economists.