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Existing home sales highest since 2009

Wednesday - 5/22/2013, 1:03pm  ET

Year-over-year sales of existing homes rose for the 22nd consecutive month in April, while prices increased for the 14th month in a row.

Existing-home sales last month were up 0.6 percent from March and 9.7 percent above year-ago levels, according to the National Association of Realtors.

Sales of existing home were at their highest level since November 2009.

"The robust housing market recovery is occurring in spite of tight access to credit and limited inventory," said Lawrence Yun, chief economist for the Realtors association.

A sign of continued tight inventory, buyer traffic is up 31 percent from a year ago, while sales are only about 10 percent higher.

© 2013 American City Business Journals, Inc.