Bloomberg Businessweek
WASHINGTON (AP) — Economists are looking for home sales to keep rising, providing further evidence that housing is gaining momentum and helping provide a boost for the economy.
In April, sales rose to a seasonally adjusted annual rate of 4.97 million homes, the highest level in 3½ years. The sales pace in April was nearly 10 percent higher than a year earlier.
While sales are approaching the 5.5 million level considered to be a sign of a healthy market, activity has been held back by a tight supply.
The number of homes for sale rose 12 percent in April from March to 2.16 million. But inventory is still almost 14 percent lower than a year earlier.
