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The National Association of Realtors released existing homes sales figures in the U.S. on Friday. Sales of existing homes climbed 1.7% to a seasonally adjusted annual rate of 5.45 million in April from 5.36 in March. March's figure was revised up from 5.33 million units.
Analysts had expected an increase to 5.40 million units.
"Primarily driven by a convincing jump in the Midwest, where home prices are most affordable, sales activity overall was at a healthy pace last month as very low mortgage rates and modest seasonal inventory gains encouraged more households to search for and close on a home," the NAR chief economist Lawrence Yun said.
Sales to first-time buyers rose to 32% in April from 30% in March.
"Looking ahead, with demand holding steady and supply levels still far from sufficient, the market for entry-level and mid-priced homes will likely continue to be the most competitive heading into the summer months," Yun said.
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