The rate of sales of previously owned homes fell in April, the third straight month of declining sales, even while prices climbed to a new record.
Existing home sales fell 2.4 percent to a seasonally adjusted annual rate of 5.61 million in April, the slowest rate since June 2020, according to data released Thursday by the National Association of Realtors.
Although real estate was generally considered an essential service, sales were held back in June of 2020 by the pandemic, restrictions on travel, and social distancing. In many places, prospective buyers were required to wear masks, gloves, and even foot coverings.
Sales were 5.9 percent lower than the year-ago level.
Home prices continued to skyrocket. The median existing price for a home sold in April rose to a record $391,200, 14.8 percent above last year’s median price.
“The market is quite unusual as sales are coming down, but
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