US Existing-Home Sales Unexpectedly Fall, Prices Stay High
- Contract closings dropped 1.9% to 4.14 million rate last month
- Median selling price rose to $407,600 - record for any April
Homes in San Marcos, Texas.
Photographer: Jordan Vonderhaar/BloombergThis article is for subscribers only.
Sales of US existing homes unexpectedly fell for a second month in April, adding to evidence that the resale market is struggling for traction amid near-record prices and high borrowing costs.
Contract closings decreased 1.9% from a month ago to a 4.14 million annualized rate, according to National Association of Realtors data released Wednesday. The figure trailed the median estimate of 4.23 million in a Bloomberg survey of economists.