Home resales decline 2.3% as supply tightens
The drop in re-sales of single-family homes, townhouses, condos and co-ops declined to a seasonally adjusted annual rate of 5.57 million in April from a downwardly revised 5.70 million in March, the NAR said in a release. Sales are 1.6 percent above a year ago, the NAR reported.
“Stubbornly low supply levels” are driving down sales, according to NAR, as homes on the market decreased to 29 days from 34 days in March and 39 days a year ago.
“Last month’s dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2 percent, and new and existing inventory is not keeping up with the fast pace homes are coming off the market,” Lawrence Yun, NAR’s chief economist, said in a release. “Demand is easily outstripping supply in most of the country and it’s stymieing many prospective buyers from finding a home to purchase.”
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