Home sales drop to lowest April level since 2009

(CNN)– The Spring home buying season is off to a slow start.

The National Association of Realtors says existing home sales fell half-a-percent last month.

That’s the slowest April pace since 2009, according to the new data.

Home sales were 100,000 below expectations, and April sales were down 2% compared to a year ago.

Inventory is up, but potential home buyers face high prices and mortgage rates near 7%.

Mortgage rates climbed to their highest level in three months this week.