Existing-home sales rose in April but remain below underlying demand because of limited inventory and tight credit, according to the National Association of Realtors. All regions are showing strong price gains from a year ago.
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 0.6 percent to a seasonally adjusted annual rate of 4.97 million in April from an upwardly revised 4.94 million in March. Resale activity is 9.7 percent above the 4.53 million-unit level in April 2012.