April Existing Home Sales Up 10 Percent From Last Year

The National Association of Realtors’ existing-home sales report for April shows a 3.4 percent rise in sales of previously owned homes. Total existing-home sales, which include single-family homes, townhomes, condominiums, and co-ops, rose to a seasonally adjusted annual rate of 4.62 million, up from March’s 4.47 million. The improvement put sales 10 percent higher than the level seen in April 2011. Lawrence Yun, NAR’s chief economist, said it’s no longer just investors taking advantage of affordability levels and the return of regular home buyers is helping home sales and prices. The national median existing-home price surged to $177,400 in April, a 10.1 percent increase over last year. Also, there were 2.54 million homes available for sale at the end of April, which is a 6.6-month supply at the current sales pace. More here and here.

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