Sales of existing US homes climbed in April as buyers took advantage of falling prices and rising foreclosures to scoop up bargains.

Home resales rose by 2.9 per cent to an annual rate of 4.68m, after falling by a revised 3.4 per cent in March, the National Association of Realtors said on Wednesday. The monthly rise was bigger than economists had expected, while sales on the year are down by 3.5 per cent.