May 24, 2010
Existing Home Sales Up Nearly 8%
By Matthew L. Brown
Home re-sales increased in April by 7.6 percent to an annual rate of 5.77 million units, up from 5.36 million in March, according to the National Association of Realtors.
April's total was 22.8 percent higher than the 4.70 million-unit pace during the same month a year earlier. Monthly sales rose by 7 percent in March.
The association said there was a nationwide housing inventory of 4.04 million available homes at the end of April. That's 11.5 percent greater than the previous month and an 8.4-month supply.
The association said buyers in April were motivated by federal tax credits, improving consumer confidence and affordable prices during the month.
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