May 24, 2010Â |Â 8:01
Sales of previously owned homes in the U.S. rose 7.6% in April over
the prior month, a national group said Monday.
A federal tax
credit that expired April 30 helped motivate buyers, as did cheap prices
and low interest rates, the Washington-based National Assn. of Realtors
â€œThe upswing in April existing-home sales was expected
because of the tax credit inducement, and no doubt there will be some
temporary fallback in the months immediately after it expires,â€ said
Lawrence Yun, chief economist for the Realtors group.
at a seasonally adjusted annual rate of 5.77 million units in April from
an upwardly revised 5.36 million in March, according to the Realtors
group.Â Sales were up 22.8% from April 2009â€™s 4.70 million-unit pace.
sales surged 21.1% over the prior month in the Northeast, 9.9% in the
Midwest and 8.6% in the South. Sales fell 6.2% in the West.