Shortages cut into sales of existing US homes in April

(AP) — Sales of previously occupied U.S. homes fell for the third straight month in April as the number of properties for sale hit a record low, driving prices to new highs.

Existing home sales fell 2.7% last month from March to a seasonally-adjusted rate of 5.85 million annualized units, the National Association of Realtors said Friday.

Sales jumped 33.9% from April last year, when the pandemic caused sales to slow sharply.

The U.S. median home price surged 19.1% in April from a year earlier to $341,600, an all-time high. At the end of April, the inventory of unsold homes stood at just 1.16 million.

At the current sales pace, that amounts to a 2.4-month supply, the NAR said.

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