April Existing-home Sales Fall 3.3% To 5.04 Million Rate

Sales of existing homes fell 3.3% in April to a seasonally adjusted annual rate of 5.04 million, hit by rising prices and pulling back from March's jump higher, the National Association of Realtors reported Thursday. Economists polled by MarketWatch had expected an April rate of 5.24 million, compared with an originally reported March rate of 5.19 million. On Thursday NAR revised March's pace to 5.21 million. April's sales pace was up 6.1% from a year earlier. The median sales price of used homes hit $219,400 in April, up 8.9% from the year-earlier period. April's inventory was 2.21 million existing homes for sale, a 5.3-month supply at the current sales pace. The number of homes available for sale was down 1% from the year-earlier period.