Finance & Business World

Sales of previously owned homes picked up in April, an industry group reported on Wednesday, as buyers went looking for bargains and lower-priced houses.

But there were more troubling notes in the housing figures. Home sales are still sluggish compared with a year ago, and the glut of unsold single-family homes, townhouses and condominiums swelled last month, suggesting that a sharp imbalance remains between the supply of housing and demand among potential buyers.

The median home price nationwide climbed slightly, to $170,200 in April from $169,900 in March, the group reported. Prices, however, were down from $201,300 in April a year ago.

Across the country, existing home sales rose 2.9 percent in April from a month earlier but were down 3 classic car insurance.5 percent from a year ago, the National Association of Realtors reported.

Although potential buyers are getting back into the housing market, enticed by low prices and some of the lowest mortgage rates in years, economists and housing specialists worry that foreclosures will continue to grow and could swamp the market.

"Because foreclosed properties will likely be released into the market over the rest of the year, it is critical that distressed homes be quickly cleared from the market," Lawrence Yun, chief economist of the National Association of Realtors, said in a statement.

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