Sales of previously occupied U.S. homes fell again last month, more evidence that many prospective homebuyers are being held back by a persistently low inventory of homes for sale and elevated mortgage rates.
Existing home sales fell 3.4% in April from March to a seasonally adjusted annual rate of 4.28 million, the National Association of Realtors said Thursday. That’s slightly below what economists were expecting, according to FactSet.
The U.S. housing market has yet to emerge from a slump that started a little more than a year ago, when the average rate on a 30-year mortgage began to climb from ultra-low levels, eventually doubling to just over 7% by the fall. When mortgage rates rise they can add hundreds of dollars a month in costs for homebuyers on top of already high home prices.
The shortage of homes for sale has kept the market competitive, driving bidding wars in many markets, especially for the most affordable homes.
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