U.S. existing home sales drop 1.9% in April, pushed lower by high rates and high prices

Sales of previously occupied U.S. homes sank last month, pushed down by high mortgage rates and rising prices. The National Association of Realtors reported Wednesday that existing home sales fell 1.9% to a seasonally adjusted annual rate of 4.14 million from a revised 4.22 million in March. The median price of a previously occupied homes rose 5.7% to $407,600 — the tenth straight increase and a record for April.