Economic Report: Existing-home sales tumble as supply crunch squeezes

A previous version was corrected to fix the percentage change of median prices.

The numbers: Existing-home sales ran at a seasonally adjusted annual 5.46 million pace in April, the National Association of Realtors said Thursday.

Economists surveyed by MarketWatch had forecast a 5.50 million pace.

What happened: Sales of previously-owned homes fell 2.5% from March to April and were 1.4% lower than a year ago. It was the second-straight month to chart a yearly decline.

The big picture: Exceptionally low levels of supply have the housing market reeling. Homes stayed on the market for an average of only 26 days in April.

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