Sales of previously owned homes fell 3.2% in April from the prior month due to limited housing supply, according to the National Association of Realtors.
National Association of Home Builders CEO Jerry Howard breaks down April's housing market index, which showed new home starts rose slightly.continued to slide in April as limited inventory and high prices cooled consumer demand.
"Home sales are bouncing back and forth but remain above recent cyclical lows," said Lawrence Yun, NAR chief economist. "The combination of, limited inventory and fluctuating mortgage rates over the last several months have created an environment of push-pull housing demand." Limited inventory has also bolstered demand: Homes sold on average in just 22 days, down from 29 days in March and up from 17 days one year ago. , homes typically sat on the market for about a month before being sold.
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