WASHINGTON (MarketWatch) -- Sales of existing homes rose 3.4% in April and
distressed activity tapered off as the slow housing market recovery takes further
root. The National Association of Realtors said Tuesday that sales rose to a
seasonally adjusted annualized rate of 4.62 million, from a downwardly revised
4.47 million in March. The NAR initially reported March sales at 4.48 million,
and economists polled by MarketWatch had expected an April rate of 4.6 million.
Compared to April 2011, sales rose 10%, the tenth straight month of year-on-year
gains. Median prices shot up 10.1% to $177,400 on a year-on-year basis, the
biggest percentage rise since January 2006. NAR Chief Economist Lawrence Yun said
due to declining distressed activity, the mix of homes is weighted more toward
larger, more expensive houses. Most other price gauges have pointed more to
stabilization than such large improvements, and Yun anticipates prices will climb
1% to 3% for the year. Inventories rose 9.5% to 2.54 million, representing 6.6
months of supply.
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