U.S. Existing Home Sales Increase 10% Over the Year
Sales of existing homes rose in April in all regions of the U.S. and were 10% above the level from a year ago, the National Association of Realtors reported on Tuesday. Home prices also continued to rise, and the national median home price of $177,400 was 10.1% higher than it was a year ago.
Lawrence Yun, NAR chief economist, said the housing recovery is underway. “It is no longer just the investors who are taking advantage of high affordability conditions. A return of normal home buying for occupancy is helping home sales across all price points, and now the recovery appears to be extending to home prices,” he said.
Yun said that the market has shifted from being a buyers’ market to a more balanced market, but that in some areas it has even become a sellers’ market. “A diminishing share of foreclosed property sales is helping home values,” he said. “Moreover, an acute shortage of inventory in certain markets is leading to multiple biddings and escalating price conditions.”
All regions in the U.S. experienced increased home sales in April and over-the-year. The largest increase was in the Northeast, with a 5.1% increase in April and up a whopping 19.2% since April 2011. The median home price of $256,600 in April was up 8.8% from a year ago.
In the West, home sales increased 4.4% in April and was 7.3% from a year ago. The median home price of $221,700, a spike of 15.9% from April 2011.
Existing home sales in the Midwest only increased 1% in April, but has leaped 14.4% over-the-year. This region’s median home price of $141,400 was a 7.4% increase from a year ago.
The South experienced a 3.5% increase in home sales, and stands at a level 6.5% higher than April last year. The median home price of $153,400 is 8% higher than it was in April 2011.
National Association of Realtors