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AP National

Home sales, prices fell in April as limited listings, elevated mortgage rates frustrate buyers

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Published 7:02 AM

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — 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. Sales sank 23.2% compared with April last year. The national median home price slipped 1.7% from April last year to $388,800 the NAR said. That’s the biggest annual median home price drop since January 2012.

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