Existing-home sales rise 0.6% in April
WASHINGTON (MarketWatch) -- Existing-home sales rose 0.6% in April to a seasonally adjusted annual rate of 4.97 million - the highest rate since November 2009, when a buyer tax credit deadline approached -- pointing to a continuing recovery, the National Association of Realtors reported Wednesday. Sales of existing homes in April were 9.7% higher than during the same period in the prior year. Meanwhile, median prices hit $192,800 in April, the highest since 2008, up 11% from the same period in the prior year, with low inventory supporting prices. Economists polled by MarketWatch had expected the pace of existing-home sales to hit a rate of 5 million in April, compared with a prior estimate of a 4.92 million rate in March. On Wednesday, NAR revised March's rate to 4.94 million. Inventories rose 11.9% in April to 2.16 million existing homes for sale. April tends to have the highest inventories of the year. The supply rose to 5.2 months in April from 4.7 months in March. Distressed property sales fell to 18% of all transactions in April, the lowest since data collection began in 2008. Pent-up demand is supporting sales, but tight credit standards and inventories are holding back gains, NAR said.