Sales rose by 3.4 percent, bringing the total amount of existing-home sales to 4.62 million. This is 10.0 healthy percentage points higher than April 2011.
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.
He continued that “the general downtrend in both listed and shadow inventory has shifted from a buyers’ market to one that is much more balanced, but in some areas it has become a seller’s market.”
Home sales weren’t the only figure on the rise in the latest report. Another indicator of a housing recovery made it’s appearance. Home prices were also displaying upward movement in the month of April.
The national median existing-home price rose 10.1 percent for the month, up 3.1 percent from last year. This brings the median price to $177,400.
Regional prices varied, but all increased. The Northeast has the highest current median price-tag — at $256,600. The West followed a close second at $221,700. The Midwest still holds the title for lowest median home price at $141,400…
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