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U.S. existing home sales extend decline; house prices race to record high

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Reuters

By Lucia Mutikani WASHINGTON (Reuters) – U.S. home sales fell for a third straight month in April as an acute shortage of properties drove prices to a record high. Existing home sales dropped 2.7% to a seasonally adjusted annual rate of 5.85 million units last month, the National Association of Realtors said on Friday. Sales fell in the Northeast, West and the densely populated South, but rose in the Midwest. Economists polled by Reuters had forecast sales rebounding 2.0% to a rate of 6.09 million units in April. Home resales, which account for the bulk of U.S. home sales, surged 33.9% on a ye…

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