US April home sales fall as tight supply boosts prices

Washington

US home resales fell more than expected in April, weighed down by a chronic shortage of houses on the market that is keeping house prices elevated and sidelining prospective buyers.

The National Association of Realtors (NAR) said on Wednesday that existing home sales declined 2.3 per cent to a seasonally adjusted annual rate of 5.57 million units last month.

Despite the decline, April's sales pace was the fourth highest over the past 12 months. March's sales pace was revised …