U.S. existing home sales drop 1.9% in April, pushed lower by high rates and high prices

WASHINGTON (AP) — High mortgage rates and rising prices continued to put a damper on the spring homebuying season last month. Existing home sales fell 1.9% to a seasonally adjusted annual rate of 4.14 million in April from a revised 4.

WASHINGTON — High mortgage rates and rising prices continued to put a damper on the spring homebuying season last month.

The median price of previously occupied homes rose 5.7% to $407,600 — the tenth straight increase and a record for April. The rate on the benchmark 30-year, fixed-rate loan has risen five of the last six weeks and stands at 7.02%, up from 6.39% a year ago. Would-be homebuyers are also deterred by the high prices, caused partly by a tight inventory of available homes.

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