CNBC
The spring housing market continues to struggle amid high interest rates and low consumer confidence.
Sales of previously owned homes in April fell 0.5% from March to a seasonally adjusted, annualized rate of 4 million units, according to the National Association of Realtors®. That is the slowest April pace since 2009.
Sales were down 2% from April of last year.
"Home sales have been at 75% of normal or pre-pandemic activity for the past three years, even with seven million jobs added to the economy," said Lawrence Yun, NAR's chief economist in a release. "Pent-up housing demand continues to grow, though not realized. Any meaningful decline in mortgage rates will help release this demand."