Looking for a house? High mortgages, few homes lead to biggest annual price drop in 11 years

LOS ANGELES (AP) — Sales of previously occupied U.S. homes fell again last month and the national median sale price posted its biggest annual drop in 11 years. Existing home sales fell 3.4% in April from March to a seasonally adjusted annual rate of 4.28 million, the National Association of Realtors said Thursday. That’s slightly below what economists were expecting, according to FactSet. Sales sank 23.2% compared with April last year. The national median home price slipped 1.7% from April last year to $388,800, the biggest annual decline since January 2012. Many prospective homebuyers are being held back by a persistently low inventory of homes for sale and elevated mortgage rates.