April Existing-home Sales Up 7.6% To 5.77 Million

WASHINGTON - Resales of homes in the United States rose 7.6% in April to a seasonally adjusted annual rate of 5.77 million as buyers rushed to complete sales before a tax credit expires, according to data released Monday by the National Association of Realtors. Sales were stronger than the 5.63 million pace expected by economists. Inventories surged 11.5% to 4.04 million in April, an "unwelcome" development, said Lawrence Yun, chief economist for the NAR. The inventory level represented an 8.4-month supply at the April sales pace. Yun said the elevated inventories suggest that prices won't rise much over the next year or two. The median price is up 4% in the past year at $173,100.

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