Existing home sales increased 2.9% in April from March, to a seasonally adjusted rate of 4.68 million units, the National Association of Realtors announced Wednesday.
On average, economists in a Thomson Reuters poll had predicted an increase to a rate of 4.65 million units. The April rise followed a revised March drop of 3.4%, to 4.55 million units, which was originally reported as a 3% slide, to 4.57 million units.
Sales overall fell 3.5% from the 4.85 million-unit sales pace in April of last year.
“Most of the sales are taking place in lower price ranges, and activity is beginning to pick up in the mid-price ranges, but high-end home sales remain sluggish,” said Lawrence Yun, the group’s chief economist. “The Federal Reserve needs to help restore liquidity for the jumbo mortgage market by buying these loans under the [Term Asset-Backed Securities Loan Facility] program.”