Rise In Home Sales Points To Rebound
Sales of previously owned homes rose at a robust clip in April and prices jumped, the latest indication the housing market is recovering. Existing home sales were up 3.4 % from March to a seasonally adjusted annual rate of 4.62 million, the National Association of Realtors said Tuesday. If the pace holds, 2012 could be the strongest pace since 2007.
The median home price increased 10.1 % from a year earlier, the strongest year to year gain since January 2006. Economists said the higher median price reflects rising values and a shift toward fewer sales of foreclosed homes.
May 25, 2012