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Existing-home sales stall in April as tight supply pushes properties to record low time on the market

Sales of previously-owned homes sputtered in April after a supercharged first quarter, as lean inventory continued to constrain demand. Existing-home sales ran at a seasonally adjusted annual rate of 5.57 million, the National Association of Realtors said Wednesday. That was a 2.3% decline from March’s selling pace, which was revised down a tick but still stood at a 10-year high, though 1.6% higher compared to a year ago in April.

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