Sales of previously owned homes dipped by 1.9 percent from March, reaching a seasonally adjusted annual rate of 4.14 million, according to the National Association of Realtors .Analysts had expected a slight uptick last month.'Home sales changed little overall, but the upper-end market is experiencing a sizable gain due to more supply coming onto the market,' NAR chief economist Lawrence Yun said in a statement.
Higher rates have weighed on transactions, as homeowners who locked in lower rates previously remain reluctant to enter the market.'It is a very frustrating market out there' for homebuyers, Yun told reporters. 'Home prices are at record high, mortgage rates are high.''It's a very strange situation where lack of inventory to some degree looks like it's hindering sales,' he added.
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