Home Resales on a Roll in April
Along with indications of rising consumer confidence, rosy reports of housing sales activity in April helped push up the Dow by 2.1% and Nasdaq by 3.1% last Tuesday.
Sales of existing single-family homes rose 5.6% in April to a seasonally adjusted annual rate of 5.84 million units, according to the National Association of Realtors®. This was 3.2% above the 5.66-million unit pace a year earlier.
The April level of existing house sales was the fourth highest ever. David Lereah, the association’s chief economist, said that pace would be “difficult to sustain but demonstrates that the housing sector will be close to a record this year.”