Though the report from the National Association of Realtors on Wednesday showed inventory increasing to a 2½-year high last month, entry-level homes remained scarce
U.S. existing home sales unexpectedly fell in April as higher mortgage rates and house prices weighed on demand, dealing another setback to the housing market.
“Elevated mortgage rates and rising prices are forcing potential home buyers to wait for buying conditions to improve,” said Ben Ayers, senior economist at Nationwide. Government data last week showed single-family housing starts and building permits fell in April. Homebuilder confidence deteriorated considerably in May.
Properties typically stayed on the market for 26 days in April, up from 22 days a year ago. About two-thirds of houses went under contract within a month of listing, consistent with still-tight housing supply. At April’s sales pace, it would take 3.5 months to exhaust the current inventory of existing homes, up from 3.0 months a year ago. A four-to-seven-month supply is viewed as a healthy balance between supply and demand.
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