With lagging supply relative to demand putting upward pressure on home prices, the National Association of Realtors released a report on Thursday showing an unexpected decrease in existing home sales in the U.S. in the month of April.
NAR said existing home sales fell 3.3 percent to an annual rate of 5.04 million in April from an upwardly revised 5.21 million in March.
The decrease came as a surprise to economists, who had expected existing home sales to edge up to 5.24 million from the 5.19 million originally reported for the previous month.
The material has been provided by InstaForex Company – www.instaforex.com