Existing-home sales dropped 2.7% in April compared with March but were up 33.9% compared with April 2020, data from the National Association of Realtors (NAR) show.
The massive year-over-year increase is due to the economic impact of the pandemic, which peaked in April 2020.
However, on a month-over-month basis, April marked three straight months of declines, due mainly to a lack of inventory and rising home prices.
Total existing-home sales – including single-family homes,