Sales of existing US homes rose by more than expected in April as homebuyers rushed to meet a government tax credit deadline and the economy showed signs of recovery.
The National Association of Realtors (NAR), an industry body, said sales of existing single-family homes rose 7.6% to a seasonally adjusted annual rate of 5.77 million units in April. This compared with an upwardly revised 5.36 million in March.
The jump in sales topped economists' expectations and showed sales accelerating from a 7% monthly gain in March. On a 12-month basis, existing-home sales were up 22.8%.
President Barack Obama's administration extended a tax-break programme for first-time homebuyers to April 30, and expanded it to include certain homeowners. Contracts had to be signed by the deadline.
