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Existing Home Sales at Highest Level in Over 3 Years

iStockphoto/Thinkstock(WASHINGTON) -- Sales of existing homes rose 0.6 percent in April to an annual rate of 4.97 million units. Sales are up nearly 10 percent over the past year.

“The market is in a solid recovery,” says Walter Malony of the National Association of Realtors. “Sales are now at the highest level in 3 1/2 years, back when the market was spiking in response to the homebuyers tax credit.”

That was a temporary tax credit.  Since then, tight lending standards by banks and limited inventory have kept the total lower than it would be.

Wednesday’s report is the latest sign of improvement for the housing market. Existing home sales account for about 9 out 10 home sales each month.

Copyright 2013 ABC News Radio

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