Tags: home sales | interest rates

US Existing Home Sales Drop 1.9% in April

US Existing Home Sales Drop 1.9% in April
A home for sale in Sudbury, Mass. (Peter Morgan/AP)

Wednesday, 22 May 2024 10:39 AM EDT

Sales of previously occupied U.S. homes sank last month, pushed down by high mortgage rates and rising prices.

Existing home sales fell 1.9% to a seasonally adjusted annual rate of 4.14 million from a revised 4.2 million in March, the National Association of Realtors reported Wednesday. The median price of previously occupied homes rose 5.7% to $407,600 — the tenth straight increase and a record for April.

Lawrence Yun, the association's chief economist, called the sales drop "a little frustrating.'' Economists had expected sales to come in at 4.2 million.

The rate on the benchmark 30-year, fixed-rate loan has risen five of the last six weeks and stands at 7.02%, up from 6.39% a year ago. Would-be homebuyers are also deterred by the high prices, caused partly by a tight inventory of available homes.

The supply of homes rose 9% from March to 1.2 million, but remains low: It was running at 1.7 million before the pandemic.

Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.


StreetTalk
Sales of previously occupied U.S. homes sank last month, pushed down by high mortgage rates and rising prices.
home sales, interest rates
156
2024-39-22
Wednesday, 22 May 2024 10:39 AM
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