A sharp increase in existing-home prices kept more buyers on the sidelines, contributing to the fourth straight month of declining sales of previously owned homes.
Some residents have left the state, but many others have just moved out of big cities in search of more space and lower prices, creating hot spots in the suburbs and the once-sleepy exurbs.
U.S. Home Prices Surge the Most on Record in Buying Frenzy
The median price for a single-family home in the U.S. rose the most on record in the first quarter, as buyers fought over a dearth of inventory, according to the National Association of Realtors.