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Sales of existing homes dropped 2.7% in April from March to a seasonally adjusted annualized rate of 5.85 million units, according to the National Association of Realtors.
It was the third straight month of declines, the group said.
Sales were 33.9% higher than April 2020, but that comparison is an anomaly because the housing market and economy shut down at the start of the pandemic. Housing then rebounded strongly last summer. Sales were still 11% stronger than April 2019.
“I would say it is hot, that is the one word description even with the sales decline,” said Lawrence Yun, chief economist for the Realtors. For every listing there are 5.1 offers….