Home sales fell in April amid supply squeeze

WASHINGTON (AP) - Americans pulled back their pace of home-buying in April, as shrinking inventories and rising prices are giving them fewer and fewer options.

The National Association of Realtors says sales of existing homes declined 2.3 percent last month to a seasonally adjusted annual rate of 5.57 million. Still, home purchases are 1.6 percent higher than a year ago amid solid demand from buyers.

But the housing market is getting squeezed by tight supplies. The number of properties listed for sale has plunged 9 percent over the past 12 months to 1.93 million. Homes are staying on the market for a median of just 29 days, the shortest period since the Realtors began tracking the measure in 2011.

The median sales price has risen 6 percent from a year ago to $244,800.