existing home 1

Total existing home sales in U.S that include single-family homes,townhomes,condominiums and co-ops increased by 1.7 percent in April to 5.45 million from 5.36 million in March, according to the National Association of Realtors.

Lawrence Yun, NAR chief economist, says April’s sales increase signals slowly building momentum for the housing market this spring. “Primarily driven by a convincing jump in the Midwest, where home prices are most affordable, sales activity overall was at a healthy pace last month as very low mortgage rates and modest seasonal inventory gains encouraged more households to search for and close on a home,” he said.

“Except for in the West — where supply shortages and stark price growth are hampering buyers the most — sales are meaningfully higher than a year ago in much of the country.”

The median existing-home price for all housing types in April was $232,500, rose by 6.3 percent from April 2015 ($218,700). April’s price increase marks the 50th consecutive month of year-over-year gains.

Source: NAR