May 25, 2007 10:00 AM, EDT

Existing Homes Sales Fall to Lowest Level in Nearly Four Years

Existing home sales fell 2.6% in April, tumbling to their lowest level in nearly four years, the National Association of Realtors said Friday.

The level dropped to an annual rate of 5.99 million homes, down from March’s 6.15 million, NAR said.

Economists had expected April sales to remain essentially flat, Bloomberg reported.

Existing home sales account for 85% of the residential real estate market in the United States. When a home is sold, trucks are usually used to transport household appliances and furniture.