Sales of pre-owned U.S. homes rise 2.9% in April

The drop in first-time buyers shows a rising interest in home buying among current owners, the group's chief economist, Lawrence Yun, said.

Yun also said more foreclosed properties would be released for sale later this year, after various voluntary and government-mandated foreclosure moratoriums pass.

The West, where foreclosures have been widespread and price declines have been massive, was the only region to show an increase in sales from a year earlier. April sales were up 19.4% from April 2008.

The Northeast showed the biggest monthly jump in sales, with April's total up 11.6% over March. But last month's sales there were still down 10.5% from April 2008.

peter.hong@latimes.com