Existing Home Sales Match All-Time Low in April; Inventory Swells

"Sales of existing homes continued to fall at a record pace in April, dropping by 1 percent to a seasonally-adjusted annual rate of 4.89 million units, the National Association of Realtors said Friday morning. The April sales pace matches an all-time low first recorded in January, and is the eighth decline in existing home sales in the past nine months; the NAR’s records go back to 1999."