Existing Home Sales Rise Less Than Expected

NEW YORK (TheStreet) -- Existing home sales rose by 1.3% in April after declining 0.2% in March according to the National Association of Realtors (NAR).

The increase was less than the expected 2.2% expected by forecasters. Prices increased to $201.7 million compared to $196.7 in March.

"Some growth was inevitable after sub-par housing activity in the first quarter, but improved inventory is expanding choices and sales should generally trend upward from this point," said Lawrence Yun, NAR chief economist, expected the improvement.

The report caused a slight pullback in home builder stocks, which had been climbing in morning trades.

Shares of PulteGroup Inc. (PHM) were up 2.12% to $19.24, off a high of $19.33. Lennar Corp. (LEN) shares, meanwhile, dipped from an intraday high of $39.31 to $39.05, but were still up more than 2% on the day.

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