WASHINGTON (AP) — U.S. sales of existing homes tumbled 2.5 percent in April — with the costs of buying a home jumping and would-be buyers facing a persistent shortage of properties on the market.
The National Association of Realtors says that homes sold last month at a seasonally adjusted annual pace of 5.46 million, down from 5.60 million in February. Home sales have dropped 1.4 percent over the past year, largely because the number of sales listings has declined 6.3 percent.
The relatively healthy job market has bolstered demand to purchase homes. But the inventory shortage, rising prices and higher mortgage costs are weighing on the real estate market.
The median sales price has risen 5.3 percent from a year ago to $257,900.