Sales of previously owned homes surged in April to higher levels than analysts expected as buyers rushed to take advantage of a lucrative tax credit before it expired along with low interest rates and affordable prices, according to industry data released Monday.
Sales of existing homes, which consist mainly of single-family houses, town homes and condominiums, jumped 7.6 percent in April from March to a seasonally adjusted rate of 5.77 million units, the National Association of Realtors reported. Sales were up 22.8 percent from the comparable period a year earlier, the group said.
The new figures reflect significant improvements in the country’s housing market as the selling season takes off. But they could prove short-lived once the tax-credit benefit fades.
Every region in the country experienced solid month-to-month gains except for the West, where sales fell 6.2 percent. The strongest showing was in the Northeast, where sales climbed 21.1 percent.
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