Having ticked down 2.7 percent in March, the seasonally adjusted pace of existing-home sales across the U.S. dropped another 2.4 percent in April to an annual rate of 5.61 million sales, which was down 5.9 percent on a year-over-year basis, the ninth straight month with a year-over-year decline, and the slowest seasonally adjusted pace since June of 2020, according to data from the National Association of Realtors (NAR).

At the same time, the number of existing homes on the market at the end of last month, net of all sales, increased 10.8 percent but was still 10.4 percent lower than at the same time last year while the unsold inventory of new homes on the market has climbed to a 13-year high.  And while the median existing-home sale price last month ($391,200) was 14.8 percent higher than it was at the same time last year ($340,700) and a record high, that’s with a dramatic shift in the mix of the homes that have sold.

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