Home sales dropped 3.4% from March

Home sales
Home sales(WABI)
Published: May. 18, 2023 at 12:16 PM EDT
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BANGOR, Maine (WABI) - Home sales dropped for a second month in April.

The National Association of Realtors says existing home sales dipped 3.4% from March.

It is an even bigger drop when compared to last year, a loss of 23%.

Mortgage rates have been climbing and were near 7% when many of the homes sold in April went under contract.

They say fluctuating mortgage rates, limited inventory, and job gains have created a push-pull in housing demand.