US existing home sales climbed 2.9% in April, rebounding from a decline in the prior month, as plummeting prices drew buyers, the National Association of Realtors said today.
The property industry group said sales of homes increased to a seasonally adjusted annual rate of 4.68 million units in April from a downwardly revised pace of 4.55 million units in March.
Most analysts had expected a slower April sales pace at 4.65 million units in the second year of a severe housing slump. On an annual basis, the April rate was 3.5% below the 4.85 million-unit level in April 2008, NAR said in a statement.
'Most of the sales are taking place in lower price ranges and activity is beginning to pick up in the midprice ranges, but high-end home sales remain sluggish,' it added.
