Tight supply weighs on U.S. home sales; job market strengthening [Reuters]
JP Morgan Chase & Co. (JPM)
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Source: Reuters
Tight supply weighs on U.S. home sales; job market strengthening | Reuters 5 Min Read WASHINGTON (Reuters) - U.S. home sales tumbled in April as an acute shortage of properties limited choices for potential buyers, the latest sign that the housing market was struggling to regain momentum. While other data on Thursday showed an increase in the number of Americans filing for unemployment benefits last week, the trend in claims continued to point to a tightening labor market. A robust labor market is fueling demand for housing. The National Association of Realtors said existing home sales fell 2.5 percent to a seasonally adjusted annual rate of 5.46 million units last month. The NAR attributed April’s weak sales to an “utter lack of available listings on the market to meet the strong demand for buying a home.” Economists polled by Reuters had forecast existing home sales, which account for about 90 percent of U.S. home sales, declining only 0.2 percent last month. April’s drop followed t
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