Existing Home Sales Rose 3.4% to 4.62 Million In April

U.S. existing home sales rose 3.4% m/m to an annualized 4.62 million units pace in April, about in line with the 4.61 million units expected by consensus. It comes after March sales were downwardly revised to a 4.47 million units pace from the 4.48 million units previously reported.  Condo/coop sales rose 6.0% m/m in April, while single-family home sales rose 3.0% m/m in April. All regions saw sales gains. Sales in the South, Northeast, Midwest and West advanced 3.5%, 5.1%, 1.0% and 4.4% respectively, over March. Distressed homes, such as foreclosures and short sales, accounted for 28% of April sales, down from March’s 29% share; thus the mix of homes is weighted more toward larger, more expensive houses due to declining distressed activity. Existing home sales are now up 10.0% over last April. The months’ supply of unsold homes rose to 6.6 months in April from the 6.2 months seen in March. The median sales price surged 10.1% over April 2011 to $177,400 last month, the biggest percentage rise since January 2006. It was 7.6% higher than March’s median price level of $164,800. The upbeat report helps offset some worries about the U.S. housing market and offers some support to markets today.