Home Prices Posted Largest Annual Drop in More Than 11 Years in April

Sales of previously owned homes fell in April from the prior month and prices declined from a year earlier by the most in more than 11 years. 

U.S. existing home sales, which make up most of the housing market, fell 3.4% in April from the prior month to a seasonally adjusted annual rate of 4.28 million, the National Association of Realtors said Thursday. April sales fell 23.2% from a year earlier. 

The national median existing-home price fell 1.7% in April from a year earlier to $388,800, the biggest year-over-year price...