Sales of previously owned U.S. homes were nearly unchanged in April, rising just 0.2% from March and coming in below analyst expectations, according to the National Association of Realtors.

The flat performance reflects deals likely made when mortgage rates were higher and volatility increased following geopolitical tensions that pushed borrowing costs up.

Housing supply edged slightly higher but remained tight at 4.4 months, well below the level considered a balanced market.

Home prices continued to rise, with the median price reaching a record April high of $417,700, while homes also stayed on the market slightly longer on average, CNBC has reported.

Despite some improvement in affordability, economists say limited inventory and elevated mortgage rates are still keeping pressure on prices.