Existing home sales in the U.S. saw a modest increase in the month of April, according to a report released by the National Association of Realtors on Wednesday.
NAR said existing home sales climbed 0.6 percent to a seasonally adjusted annual rate of 4.97 million in April from an upwardly revised 4.94 million in March.
Economists had been expecting existing home sales to rise to an annual rate of 5.0 million from the 4.92 million originally reported for the previous month.
Despite the modest monthly increase, NAR said existing home sales remain below underlying demand because of limited inventory and tight credit.
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