Existing Home Sales Slip in April
No April Fools!
The National Association of Realtors states existing home sales dropped 3.3 percent to an annual rate of 5.04 million units.
The pace of March sales was revised up to 5.21 million units from the previously reported 5.19 million units but still remained short of the 5.24 million-unit pace that was forecast.
The news undoubtedly puts a dent in what had been one of the brighter spots of the broader U.S. economy. Though existing-home sales slowed down in April, they remain above an annual sales pace of five million for the second straight month.