Fewer Americans bought pre-owned homes in April amid a continued supply shortage that pushed prices to a record high, according to industry data released Friday.
The National Association of Realtors (NAR) said existing home sales posted their third consecutive monthly decline, falling 2.7 percent compared to March, defying analysts’ expectations of a small increase in the sector that has boomed despite the wider economic malaise caused by the Covid-19 pandemic.
The sales pace slowed to a seasonally adjusted annual rate of 5.85 million, according to the monthly report.
“Home sales were down again in April from the prior month, as housing supply continues to fall short of demand,” NAR Chief Economist Lawrence Yun said, adding that he believes demand for homes remains strong.
“We’ll see more inventory come to the market later this year as further Covid-19 vaccinations are administered and potential home sellers…