Home Sales Climb 4.5 percent In April

Sales of existing homes rose 4.5 percent in April to the highest sales pace on record as low mortgage rates continued to fuel a housing boom, according to the National Association of Realtors.

The trade group reported that sales of single-family homes and condominiums climbed to a seasonally adjusted annual rate of 7.18 million units last month, the fastest pace on record.

The increase was far above the small 0.2 percent advance that had been expected and was credited to further declines in mortgage rates.