The sale of pre-owned homes weakened last month and were down on a year-over-year basis for the second month in a row. Inventory shortages were blamed.

U.S. home buyers successfully closed on the purchase of 460,000 existing single-family homes, townhomes, condominiums and co-operatives during April.

Last month’s completed transactions brought total existing residential home sales during the first-four months of this year to 1.526 million units.

Source: Mortgage Daily