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Financial

U.S. Existing Home Sales Rose in April to 4.68 Million Rate

May 27 (Bloomberg) — Home resales in the U.S. gained in April as foreclosure auctions and improved affordability spurred bargain hunters. Purchases increased 2.9 percent to an annual rate of 4.68 million, close to forecasts, from 4.55 million in March, the National Association of Realtors said today in Washington. The median price slumped 15 percent from a year earlier, the second- biggest drop on record, and distressed properties accounted for 45 percent of all sales.

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