Sales of previously owned homes declined in April to the lowest pace since the pandemic began, reports.

What鈥檚 happening: 鈥淓xisting home sales declined 2.4% compared with March to a seasonally adjusted annualized rate of 5.61 million units, the [National Association of Realtors] said. Sales were 5.9% lower than in April 2021. That is the slowest rate since June 2020, which was artificially slow since the economy was struggling with sweeping shutdowns due to the coronavirus.鈥�

• 鈥淭his count represents closings during the month, so it reflects contracts likely signed in February and March, when mortgage rates were rising.鈥�
• The average 30-year fixed mortgage rate is now around 5.45%.

Shortage continues: Existing home inventory at the end of April was at 1.03 million homes for sale, down 10.4% from two years ago.

• Limited supply kept prices higher. The median price of an existing home sold in April was $391,200, the highest on record.

What鈥檚 ahead: The National Association of Realtors said it expects 鈥渇urther declines鈥� in existing home sales.