April US home sales fell as low inventory pushed up prices

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.