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U.S. existing home sales rose 5.6 percent in April

May 27, 2003
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WASHINGTON, May 27 (Reuters) - Sales of U.S. existing homes rose 5.6 percent in April, the National Association of Realtors said on Tuesday, as homebuyer confidence rebounded from a chilly winter after the Iraq war.

Sales of previously owned homes climbed to a seasonally adjusted annual rate of 5.84 million units from a 5.53 million unit pace in March, NAR said.

The April sales rate exceeded expectations of analysts in a Reuters survey, who on average had expected a 5.67 million unit clip. However, in a possible sign of future softness, inventories of homes for sale rose to 2.47 million, their highest level since September 1991.

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