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Fewer Americans Sign Contracts To Buy Homes In April

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Sold signs stand in front of new homes under construction Monday, March 15, 2021, in Houston. Sales of new homes fell a bigger-than-expected 5.9% in April, a drop that analysts blamed in part on soaring home prices. (AP Photo/David J. Phillip)

(AP) — Fewer Americans signed contracts to buy homes in April as a lack of supply continues to foil buyers.

The National Association of Realtors’ index of pending home sales fell 4.4% to 106.2 in April, a third straight sluggish month after nearly a year-long rebound from the depths of the pandemic last spring.

While many people are looking to upgrade, not as many people are willing to sell their current homes. That lack of inventory — along with sky-high costs for building materials like lumber — has pushed prices of new and existing homes to record highs.

 

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