The slowest sales pace for any April in 16 years indicates the spring selling season is shaping up as a bust.

Home sales in April fell, as consumers faced high house prices and growing concern over the economy and employment. "Home sales have been at 75% of normal or pre-pandemic activity for the past three years,

U.S. existing home sales unexpectedly fell in April despite a temporary drop in mortgage rates and increased supply, and could remain lackluster this year amid rising economic uncertainty.