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U.S. existing home sales increase in April

Staff writer |
Existing home sales in the United States rose in April due to sales jump in the Midwest, an industry report showed.

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Total existing home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 1.7 percent from the previous month to a seasonally adjusted annual rate of 5.45 million in April, 6 percent above a year ago, said the National Association of Realtors (NAR).

April's sales increase was "primarily driven by a convincing jump in the Midwest, where home prices are most affordable," said NAR chief economist Lawrence Yun.

Sales of existing home in the Midwest including Illinois, Indiana, Iowa and other 9 states, surged 12.1 percent in April from March, said the NAR.

"Sales activity overall was at a healthy pace last month as very low mortgage rates and modest seasonal inventory gains encouraged more households to search for and close on a home," said Yun.

Total housing inventory at the end of April increased 9.2 percent to 2.14 million existing homes available for sales, which represents a 4.7-month supply at the current sales pace.

The median existing home price for all housing types in April was 232,500 U.S. dollars, 6.3 percent above the level a year ago.

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