Sales of previously occupied U.S. homes fell in April, as elevated mortgage rates and rising prices discouraged prospective homebuyers during what’s traditionally the busiest time of the year for the housing market. Existing home sales dropped 0.5% last month, from March, to a seasonally adjusted annual rate of 4 million units, the National Association of Realtors said Thursday. The sales decline marks the slowest sales pace for the month of April going back to 2009 in the wake of the U.S. housing crisis. March’s sales pace was also the slowest for that month going back to 2009. Sales fell 2% compared with April last year. The latest home sales fell slightly short of the 4.10 million pace economists were expecting, according to FactSet.
Recent comments