May 27, 2009

U.S. home sales rose in April

Existing home sales increased by a seasonally adjusted 2.9 percent in April, the National Association of Realtors said Wednesday.

Sales of single-family homes, town homes, condominiums and co-ops rose to an annual rate of 4.68 million units in the month, compared to a revised figure of 4.55 million in March. Sales were down 3.5 percent from a year ago, the association said.

Most of the sales are taking place in lower-price ranges and activity is beginning to pick up in the mid-price ranges, but high-end home sales remain sluggish, NAR Chief Economist Lawrence Yun said in a statement.

The NAR said the total housing inventory at the end of April was 3.97 million existing homes, a 10.2 month supply at the current rate of sales. A month ago, there were 9.6 months worth of homes on the market.

From region to region, sales rose 11.6 percent in the Northeast and fell 2 percent in the Midwest. Sales in the South increased 1.8 percent, while sales in the West rose 3.5 percent in the month.