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by CareyBot

The pace of existing-home sales picked up in April, and while the number of homes on the market grew even faster, an "acute shortage of inventory" in some markets is driving up prices and creating multiple-bid situations, the National Association of Realtors said today.Sales of existing single-family homes, townhomes, condominiums and co-ops were up 3.4 percent from March to April, NAR said, to a seasonally adjusted annual rate of 4.62 million. That's a 10 percent increase from the 4.2 million homes-per-year pace seen at the same time a year ago.Distressed properties -- foreclosures and short sales sold at discounts -- accounted for a smaller percentage of sales in April (28 percent) then they did a year ago (37 percent).That helped boost the median existing-home price for all ho...