US home sales rose 1.3 percent in April

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Associated Press

Posted on May 22, 2014 at 9:07 AM

Updated Thursday, May 22 at 9:10 AM

WASHINGTON (AP) — Sales of existing U.S. homes rebounded slightly in April, but the pace of buying remained below last year's level.

The National Association of Realtors says sales rose 1.3 percent from March to a seasonally adjusted annual rate of 4.65 million. Purchases of homes over the past 12 months have dropped 6.8 percent.

Much of the gains were concentrated in the volatile condominium market, which experienced growth of 7.3 percent. Sales of single-family homes were up just 0.5 percent last month.

Despite the increase, sales are well below the 5.1 million bought in 2013 and the 5.5 million associated with a healthy market.

Higher mortgage rates and rising prices have lowered sales since last summer. Median prices rose 5.2 percent to $201,7000 in April, the slowest growth rate since March 2012.

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