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Existing-Home Sales Continue to Improve in April
May 25, 2010
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U.S. existing-home sales rose again in April, according to the National Association of Realtors, with buyers motivated by the tax credit, improving consumer confidence, and favorable affordability conditions.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums, and co-ops, increased 7.6% to a seasonally adjusted annual rate of 5.77 million units in April from an upwardly revised 5.36 million in March, and are 22.8% higher than the 4.70 million-unit pace in April 2009. Monthly sales rose 7.0% in March.

"The upswing in April existing-home sales was expected because of the tax credit inducement, and no doubt there will be some temporary fallback in the months immediately after it expires, but other factors also are supporting the market," said Lawrence Yun, NAR chief economist. "For people who were on the sidelines, there’s been a return of buyer confidence with stabilizing home prices, an improving economy, and mortgage interest rates that remain historically low.”

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