Business. Shortage of cheaper houses stifles U.S. homes sales. Reuters – By Lucia mutikani. washington (reuters) – U.S. home sales fell for a second straight month in April, weighed down by a chronic shortage of more affordable houses, the latest sign the economy was slowing after a temporary boost from exports and an inventory overhang in the first quarter.
Existing home sales, which make up about 90% of U.S. home sales, dropped 4.4% from a year ago. That was the 14th straight year-on-year decrease in home sales. According to the NAR, there was a 10% drop from a year earlier in sales of houses priced $100,000 and below.
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Economists polled by Reuters had forecast existing home sales rising 2.7% to a rate of 5.35 million units in April. Existing home sales, which make up about 90% of U.S. home sales, dropped 4.4%.
WASHINGTON (Reuters) – Contracts to buy previously owned homes unexpectedly fell in April, the National Association of Realtors said on Thursday. The NAR’s pending home sales index dropped to a.
Home shoppers signed 1.5% fewer contracts to buy existing homes in April. fall in value over the coming year. This is especially true in overheated markets like Seattle, Denver, Los Angeles and San.
Sales of previously owned U.S. homes unexpectedly cooled in April, the fifth drop in six months. First-time buyers made up 32% of sales, down from 33% the prior month. existing-home sales account.
The NAR’s pending home sales index dropped to a reading of 104.3, down 1.5% from the prior month. Economists polled by Reuters had forecast pending home sales would rise 0.9% last month.
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Existing home sales in the U.S. unexpectedly showed a modest decrease in the month of April, according to a report released by the National Association of Realtors on Tuesday. NAR said existing home sales dipped by 0.4 percent to an annual rate of 5.19 million in April after plunging by 4.9 percent to a rate of 5.21 million in March.
WASHINGTON (Reuters) – U.S. home sales fell for a second straight month in April amid weakness in the lower-priced segment of the market, which is suffering from an acute shortage of properties. FILE PHOTO: A home for sale is seen in Santa Monica, California, U.S., March 21, 2017. REUTERS/Lucy Nicholson The report from the National [.]