Home sales dropping while declining inventory pushes prices to a record high

Everyone is searching for a home with a pool. 

A For Sale sign is seen in front of a home in Miami, Florida.

Joe Raedle | Getty Images

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• Sales of existing homes fell 17.8% month-to-month, and were 17.2% lower than April 2019, seasonally adjusted, according to the National Association of Realtors.
• The April drop in closings is the largest one-month decline since July 2010, when the homebuyer tax credit, a federal stimulus resulting from the subprime mortgage crash, expired.
• The supply of homes for sale fell 19.7% annually to 1.47 million units for sale at the end of April. That is the lowest April inventory figure ever. That drop in inventory pushed prices to a new record high. full article