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5/19, 4:03 PM (Source: TeleTrader)
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US existing home sales down by 2.4% in April

The sales of existing homes in the United States decreased in three out of the four major regions countrywide by 2.4% in April compared to the previous month, recording 5.61 million, according to a report published by the National Association of Realtors (NAR) on Thursday. When compared to April 2021, sales decreased by 5.9%.

Total housing inventory rose by 10.8% to 1,030,000 units at the end of April, 10.4% lower year-on-year. The inventory of unsold existing homes was at a 2.2-month supply at the current sales pace. The median existing-home price was $391,200, increasing 14.8% from April last year, representing the longest-running streak on record over the period of 122 months consecutively.

"Higher home prices and sharply higher mortgage rates have reduced buyer activity," noted NAR's chief economist Lawrence Yun adding that more declines can be expected in the upcoming months.

Baha Breaking News (BBN) / AB