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The housing market unexpectedly slowed — again — in April as a lack of adequate inventory and soaring prices hindered buying activity.

Sales of existing homes in the US dropped 2.7% last month to an annualized pace of 5.85 million units, the National Association of Realtors said Friday. The median estimate from economists surveyed by Bloomberg was for a jump to a 6.07 million unit rate. The drop marks a third straight decline, though sales are still up 20% year to date as massive demand locks horns with strained supply.

The median price for previously owned details ⇒

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