April Existing Home Sales Higher Than Expected

Washington, DC, May 22, 2012 -- Sales of existing homes rose 3.4% in April and distressed activity declined, according to the National Association of Realtors.

NAR said that sales rose to a seasonally adjusted annualized rate of 4.62 million, from a downwardly revised 4.47 million in March.

Economists had expected an April rate of 4.6 million.

Compared to April 2011, sales rose 10%, and prices surged 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.