Existing Home Sales Slip as Housing Shortage Weighs on Activity -- Update

By Laura Kusisto and Sarah ChaneyFeaturesDow Jones Newswires

Home sales declined in April, a tepid start to a spring selling season marked by a dearth of homes available for purchase.

Sales of previously owned U.S. homes last month fell 2.3% from March's revised level to a seasonally adjusted annual rate of 5.57 million, the National Association of Realtors said Wednesday.

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