Existing Home Sales Recede 3.4% in April

Existing home sales declined 3.4% in April compared with March, hitting a seasonally adjusted annual rate of 4.28 million, according to the National Association of Realtors. Year-over-year, existing home sales were down 23.2%.

“Home sales are bouncing back and forth but remain above recent cyclical lows,” stated NAR Chief Economist Lawrence Yun. “The combination of job gains, limited inventory and fluctuating mortgage rates over the last several months have created an environment of push-pull housing demand.”

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