US sales of previously occupied homes up in April

WASHINGTON (AP) — Americans bought more previously owned homes in April, a hopeful sign that the weak housing market is gradually improving.

The National Association of Realtors said today that home sales rose 3.4 percent last month to a seasonally adjusted annual rate of 4.62 million.

Home sales have rebounded after falling in March and are near the pace from January and February, which was the best winter for sales in five years. Still, sales are well below the nearly 6 million per year that economists equate with healthy markets.

A mild winter encouraged some people to buy homes earlier this year. That drove up sales in January and February, while making March weaker.

And first-time buyers, a key segment that is critical to a housing recovery, rose in April to make up 35 percent of sales. That's up from 32 percent in March.