U.S. home resales fall for second month

WASHINGTON ― Sales of existing U.S. homes dropped unexpectedly in April, the National Association of Realtors reported this week, slipping 0.4% to a seasonally adjusted annual rate of 5.19 million units. In a Reuters poll, economists had projected a 2.7% increase to a SAAR of 5.35 million units. The decline was the second in a row, following on March’s rate of 5.21 million units, which was unrevised in the latest report. Compared to a year ago, sales were down 4.4%, the 14th consecutive annual decline.