Existing-Home Sales Sink 2.3 Percent

Existing-home sales sunk in April, dragged down by virtually absent supply, the National Association of REALTORS® (NAR) reports.
Existing-home sales totaled 5.57 million, a 2.3 percent decrease from March, but a 1.6 percent increase from one year prior. Inventory increased, however, by 7.2 percent to 1.93 million—though still 9 percent below one year prior.
“Last month’s dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2