U.S. existing home sales hit 18-month high; prices rise

April 22, 2015 2:00 PM

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WASHINGTON, April 22 (Reuters) - U.S. home resales surged to their highest level in 18 months in March as inventories improved, a sign of strength in the housing market ahead of the spring selling season.

The National Association of Realtors said on Wednesday existing home sales increased 6.1 percent to an annual rate of 5.19 million units, the highest level since September 2013. The percent increase was the largest since December 2010.

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