April's existing home sales fell for the third straight month, dropping 2.4 percent from March levels, and down 5.9 percent from a year ago to a seasonally adjusted annual rate of 5.61 million. Due to the drop in demand, the inventory of unsold existing homes climbed to 1.03 million by the end of April.
But while the supply of homes is slowly on the rise, home prices are still moving higher, albeit at a slowing pace. The median existing home sale price increased 14.8 percent year-over-year to $391,200, according to data from the National Association of Realtors.
