Steel Markets
May 21, 2021
Sales of Existing Homes Dip for Third Month as Inventory Shrinks
Written by Sandy Williams
A shortage of inventory resulted in a third straight month of decline for existing-home sales. Sales in April fell 2.7% to a seasonally adjusted annual rate of 5.85 million, reported the National Association of Realtors.
“Home sales were down again in April from the prior month, as housing supply continues to fall short of demand,” said Lawrence Yun, NAR’s chief economist. “We’ll see more inventory come to the market later this year as further COVID-19 vaccinations are administered and potential home sellers become more comfortable listing and showing their homes. The falling number of homeowners in mortgage forbearance will also bring about more inventory.”
