Sales of previously owned homes rose 7.6 percent
WASHINGTON D.C. (AP) -- Home sales surpassed expectations for April as government incentives provided a temporary boost to the housing market.
The National Association of Realtors says sales of previously owned homes rose 7.6 percent to a seasonally adjusted annual rate of 5.77 million. That was the best showing in five months and better than the 5.63 million units economists had expected.
The federal government provided a big boost to home sales this spring by offering first-time buyers a tax credit of up to $8,000.
Homeowners looking to upgrade could qualify for a credit of up to $6,500. The deadline for getting a signed sales contract was April 30.
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