Existing Home Sales Fall as Tight Housing Supply Lifts Prices

U.S. home resales fell more than expected in April, weighed down by a chronic shortage of houses on the market that is keeping house prices elevated and sidelining prospective buyers.

The National Association of Realtors said on Wednesday existing home sales declined 2.3 percent to a seasonally adjusted annual rate of 5.57 million units last month.

Despite the decline, April’s sales pace was the fourth highest over the past 12 months. March’s sales pace was revised down to 5.70 million units, which was still the highest level since February 2007, from the previously reported 5.71 million units.

“Lack of supply moving through the seasonal ramp-up in sales in the spring selling season slowed sales rather than demand,” said Ted Wieseman, an economist at Morgan Stanley in New York.

Economists had forecast sales falling 1.1 percent to a 5.65 million-unit rate. Sales were up 1.6 percent from April 2016, also underscoring

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