Why Are Home Sales Sliding If Housing’s So Hot?
Existing home sales posted their third monthly loss in April, falling 2.7 percent compared to sales in March. The National Association of Realtors® (NAR) said seasonally adjusted sales of single-family homes, townhouses, condominiums, and cooperative apartments were at a rate of 5.85 million units compared to 6.01 million the prior month. The annual rate has declined from 6.66 million in January, the last time sales were up. April's rate was 33.9 percent higher than the 4.37 million pace in April 2020, but that was amid COVID-19 related business closures. Sales came in below even the lowest estimate (5.9 million) of analysts polled by Econoday. Their consensus was for a slight month-over-month uptick to a rate of 6.085 million units. Single-family home sales dropped to a seasonally-adjusted
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