US home sales fell 0.4% in April amid limited supply
WASHINGTON (AP) — U.S. home sales slipped 0.4% in April, as would-be homebuyers face affordability challenges and a limited supply of starter houses.
The National Association of Realtors says that existing homes sold at a seasonally adjusted annual rate of 5.19 million last month, down from 5.21 million in March.
Despite the solid job market and lower mortgage rates, sales have tumbled 4.4% from a year ago. The sales decline is entirely concentrated in homes worth less than $250,000, a likely reflection of a shortage of properties at those price points being listed for sale.
Homes are still selling at a brisk pace. The average property sold in just 24 days, the fastest pace ever recorded by the Realtors.
The median sales price in January was $267,300, up 3.6% from last year.