Washington, Ramadan 8, 1439, May 24, 2018, SPA -- Sales of existing U.S. homes fell sharply in April, with the cost of buying a home jumping and potential buyers continuing to face a persistent shortage of properties on the market, an industry group reported Thursday. The National Association of Realtors (NAR) said existing-home sales dropped 2.5 percent last month to an annual pace of 5.46 million. Home sales have declined 1.4 percent over the past 12 months, largely because the number of sales listings has plunged 6.3 percent. The median existing-home price rose 5.3 percent in the 12 months ending in February. The strong labor market has supported demand to purchase homes, but the inventory shortage, rising home prices, and higher borrowing costs are hurting the real-estate sector. The lack of homes for sale and steadily climbing mortgage-loan interest rates have amplified the competition for buying a home. Homes are quickly purchased, with buyers worried about bidding wars and eager to complete sales before higher borrowing costs further erode the affordability of their homes. --SPA 20:07 LOCAL TIME 17:07 GMT 0027 www.spa.gov.sa/w693596