US Existing-Home Sales Decline, Marking Worst April Since 2009

US sales of previously owned homes unexpectedly dropped in April to the slowest pace in seven months, restrained by ongoing affordability constraints and highlighting a lackluster start to the key spring selling season.

Contract closings decreased 0.5% to an annualized rate of 4 million, according to National Association of Realtors data released Thursday. That fell short of the median estimate in a Bloomberg survey of economists and marked the weakest April since 2009.