WASHINGTON - U.S. home sales fell for a second straight month in April, weighed down by a chronic shortage of more affordable houses, the latest sign the economy was slowing after a temporary boost from exports and an inventory overhang in the first quarter.
“A mismatch between strengthening entry level demand and scarce entry level supply is likely playing a role in the underwhelming sales pace,” said Charlie Dougherty, an economist at Wells Fargo Securities in Charlotte, North Carolina.Existing home sales fell 0.4% to a seasonally adjusted annual rate of 5.19 million units last month. March’s sales pace was unrevised at 5.21 million units. Economists polled by Reuters had forecast existing home sales rising 2.7% to a rate of 5.
The tight housing supply, especially in the lower end of the market is likely because of land and labor shortages. “With the soft housing market and manufacturing faltering, it is imperative that the service side of the economy holds up if growth is to remain solid,” said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania.
Outrageous! I'm a pissed off senior looking for affordable housing. The latest waste of time was $300,000 for a small one story fixer upper. You read that right.
Which in turn is making rental prices increase. My son is looking to move out and it’s cheaper to buy than to rent but new listings in the lower price ranges are being sold in less than 24 hours and for over asking price.
Can't wait to see how this ends...
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