April existing home sales rise by 2.9 percent

May 27, 2009 12:00:00 AM PDT
A real estate group says sales of previously occupied homes rose modestly from March to April as buyers swooped in to take advantage of prices that were 15.4 percent below year-ago levels. The National Association of Realtors said Wednesday that home sales rose 2.9 percent to an annual rate of 4.68 million last month, from a downwardly revised pace of 4.55 million in March.

The results slightly beat economists' forecasts. Sales had been expected to rise to an annual pace of 4.66 million units, according to Thomson Reuters.

The median sales price plunged to $172,000, down from $201,300 in the same month last year. That was the second-largest drop on record after January, when prices fell 17.5 percent.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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