Home sales dropped nearly 18% in
April, while decline in inventory pushed prices to a record high
Sales of existing homes fell 17.8%
month to month, and were 17.2% lower than April 2019, seasonally adjusted,
according to the National Association of Realtors.
The April drop in closings is the
largest one-month decline since July 2010, when the homebuyer tax credit, a
federal stimulus resulting from the subprime mortgage crash, expired.
The supply of homes for sale fell
19.7% annually to 1.47 million units for sale at the end of April. That is the
lowest April inventory figure ever. That drop in inventory pushed prices to a
record high.
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