Swipe to read this month’s market update! Home sales fell for the third consecutive month in April to a rate of 5.61 million. Sales were down 2.4% from March and 5.9% from a year ago. April also showed a further slow-down in demand and the inventory of unsold homes increased to 1.03 million by the end of April. This is equivalent to 2.2 months of inventory – another improvement since March. “Higher home prices and sharply higher mortgage rates have reduced buyer activity,” said Lawrence Yun, NAR’s chief economist. “It looks like more declines are imminent in the upcoming months, and we’ll likely return to the pre-pandemic home sales activity after the remarkable surge over the past two years.”