Home resales near record; consumer confidence steady

Tuesday, May 25, 2004 | 9:12 a.m.

U.S. sales of previously owned houses in April rose 2.5 percent from March to a 6.64 million annual rate, the second-highest on record, as forecasts for further increases in interest rates spurred buying.

Resales rose from a 6.48 million pace in March, the National Association of Realtors said today in Washington. The rate first topped 6 million in July and has held at or above that level for ten consecutive months, including a record 6.68 million in September.

Separately, confidence in the U.S. economy rose less than forecast in May as gains from a pickup in hiring were restrained by rising gasoline prices and news from Iraq, a private survey found.

The New York-based Conference Board's consumer confidence index rose to 93.2 from a revised 93 in April. The gain came from increased optimism about the future direction of the economy. Assessments of current economic conditions fell.

archive