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Existing home sales decline in April across all major U.S. regions
Existing home sales decreased in April, with all four major U.S. regions registering month-over-month and year-over-year sales declines, according to the National Association of Realtors (NAR).
Total existing home sales — completed transactions that include single-family homes, townhomes, condominiums and co-ops — slid 3.4 percent from March to a seasonally adjusted annual rate of 4.28 million in April. Year-over-year, sales slumped 23.2 percent, down from 5.57 million in April 2022.
“Home sales are bouncing back and forth but remain above recent cyclical lows,” said Lawrence Yun, chief economist at NAR. “The combination of job gains, limited inventory and fluctuating mortgage rates over the last several months have created an environment of push-pull housing demand.”
Calculated by region, existing-home sales in the Northeast receded 1.9 percent from March to an annual rate of 510,000 in April, down 23.9 percent from April 2022. In the Midwest, sales