Inventory grows faster than sales

Sales of existing homes edged up 2.9 percent from March to April, but inventory swelled by 8.8 percent as sellers entered the spring market, the National Association of Realtors said today.

The inventory of existing homes hit 3.97 million, a 10.2-month supply at the current pace of sales, up from 9.6 months in March, NAR said.

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