CNNMoney – Chris Isidore
Home sales continued to climb in April, according to the latest reading on the housing recovery from an industry trade group.
The National Association of Realtors reported home sales edged up 0.6% to an annual pace of just under 5 million homes. Compared to a year ago, the pace of sales was up nearly 10%.
The pace of sales would have exceeded that level were it not for tight credit and insufficient houses for sale to meet rising demand, the group said.
"Without these frictions, existing-home sales easily would be well above the 5-million unit pace," said Lawrence Yun, the Realtors’ chief economist. He said that customer traffic is up 31% compared to a year ago, showing greater demand than actual sales.