Existing Home Sales Rise to Three-Year High

Existing home sales rose 0.6% in April to the highest level in more than three years, the National Association of Realtors said Wednesday.

Sales rose to an annual rate of 4.97 million, the most since November 2009, the group said.

The level was slightly below economists’ forecasts of a 4.99 million rate, Bloomberg News reported.

The rate increased in part as borrowing costs reach record lows and job gains rebuild confidence, Bloomberg said.