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US existing home sales decline in April on low inventory

U.S. existing home sales declined monthly and annually in April after rising for two straight months, with lagging inventory numbers the likely cause, according to the National Association of Realtors.

Total sales fell 2.5% to a seasonally adjusted annual rate of 5.46 million in April from a rate of 5.60 million in the previous month. Sales slipped 1.4% year over year.

"The root cause of the underperforming sales activity in much of the country so far this year continues to be the utter lack of available listings on the market to meet the strong demand for buying a home," said NAR Chief Economist Lawrence Yun. "[I]nventory shortages are even worse than in recent years, and home prices keep climbing above what many home shoppers are able to afford."

Total housing inventory at the end of April climbed 9.8% to 1.80 million but remained 6.3% lower than a year ago, down for the 35th straight month. Unsold inventory was at a 4.0-month supply at the current sales pace, down from 4.2 months a year ago.

The median existing home price for all housing types stood at $257,900, up 5.3% from a year ago.