Existing-Home Sales Up 7.6% in April
Existing-home sales — completed transactions that include single-family, townhomes, condos, and co-ops — increased 7.6 percent and are 22.8 percent higher than the pace in April 2009. Monthly sales rose 7.0 percent in March.
Lawrence Yun, NAR chief economist, said the gain was widely anticipated. “The upswing in April existing-home sales was expected because of the tax-credit inducement, and no doubt there will be some temporary fallback in the months immediately after it expires, but other factors also are supporting the market,” he said. “For people who were on the sidelines, there’s been a return of buyer confidence with stabilizing home prices, an improving economy, and mortgage interest rates that remain historically low.”
Home Prices Improve
The national median existing-home price for all housing types was $173,100 in April, up 4.0 percent from April 2009. Distressed homes accounted for 33 percent of sales last month, compared with 35 percent in March.
• South: Existing-home sales increased 8.6 percent in April and are 23.0 percent higher than April 2009. The median price was $150,000, up 1.2 percent from a year ago.
Existing-home sales rose again in April with buyers motivated by the tax credit, improving consumer confidence, and favorable affordability conditions.
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\nBy: on May 24th, 2010 Category: Uncategorized