US Apr Existing Home Sales Up 2.9% To 4.68 Mln Rate

Existing-home sales climbed modestly in April as buyers took advantage of foreclosures and snatched up property carrying discounted price tags.

Home resales rose by 2.9% to a 4.68 million annual rate from 4.55 million in March, the National Association of Realtors said Wednesday. The NAR originally reported March sales fell 3.0% to 4.57 million.

The April resales level of 4.68 million reported Wednesday by NAR was above Wall Street expectations of a 4.67 million sales rate for previously owned homes.

About 45% of the 4.68 million in April sales were foreclosures and short sales. The large number of these distressed property sales has driven prices lower, year over year. The median price for an existing home last month was $170,200, down 15.4% from $201,300 in April 2008.

Read Full Article from Wall Street Journal

- Posted: 2009-05-27 10:01:20

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