Economic Buzz: US Existing Home Sales Tumble In April

The National Association of Realtors released a report on Thursday showing existing home sales pulled back by much more than expected in the month of April, after reporting a bigger than expected increase in U.S. existing home sales in the previous month. NAR said existing home sales tumbled by 2.5 percent to an annual rate of 5.46 million in April after climbing by 1.1 percent to a rate of 5.60 million in March. With the much bigger than expected monthly decrease, existing home sales in April were down by 1.4 percent compared to the same month a year ago.