Existing-Home Sales Tumble as Supply Crunch Squeezes
Read More: http://bit.ly/2s41RbY The numbers: Existing-home sales ran at a seasonally adjusted annual 5.46 million pace in April, the National Association of Realtors® said Thursday. Economists surveyed by MarketWatch had forecast a 5.50 million pace. What happened: Sales of previously-owned homes fell 2.5% from March to April and were 1.4% lower than a year ago. It was the second-straight month to chart a yearly decline. The big picture: Exceptionally low levels of supply have the housing market reeling. Homes stayed on the market for an average of only 26 days in April. The median price for homes sold in April was $275,200, which was 5.3% higher than a year ago. Price increases are still much stronger than wage gains. The sales picture was mixed regionally, as always. Sales in the Northeast were down 4.4%, while they were unchanged in April. In the South, sales dipped 2.9%, and in the West, they were down 3.3%. First-time buyers made up
