Existing home sales barely rise in April, missing consensus

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U.S. existing home sales saw a modest 0.2% month-over-month increase in April, reaching 4.02 million units, slightly below the 4.05 million consensus. Sales rose in the Midwest and South but fell in the West. Year-over-year sales were flat. Housing affordability improved due to lower mortgage rates and income growth outpacing home price gains, according to the National Association of Realtors. Inventory increased, and the median home price rose to $417.7K.