Home sales were up for the first time in 6 months, by 3.3% at an annual rate of 526,000 units. While this may sound great, the levels are still the lowest in the last 17 years. The government then revised the March levels, which showed a 11% drop, making the annual rate 509,000, hitting the low level made in April 1991.

Economists do not see a quick return, figuring that the sale amounts will continue at a weak base as more and more homes are sitting on the market due to low prices and rising mortgage foreclosures.

In regards to sale prices, a report from Commerce shows that the median home sale price in April went up 1.5% from April 2007, reaching $246,100. However, these values do not as yet mean anything as the numbers tend to fluctuate. An economist from BMO Capital Markets, Robert Kavic, supported that view, saying that the price changes in the report do not account for incentives made by builders to unload their unsold homes.