Home Sales Rebound – The National Association of Realtors released a report showing a rebound in existing home sales in the month of April. The report follows a decrease in the previous month. There was a 3.4 percent climb to an annual rate of 4.62 million in April from a downwardly revised 4.47 million in March.
Economists had expected sales to climb to an annual rate of 4.66 million from the 4.48 million originally reported for the previous month.
Even though existing home sales rose by less than anticipated, NAR noted that sales are 10.0 percent higher than the 4.20 million-unit level in April of 2011.
Lawrence Yun, NAR chief economist, said the housing recovery is underway, noting, “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 added.
The report also showed that there were 2.54 million existing homes available for sale at the end of April, up 9.5 percent from the 2.32 million available for sale at the end of March.
Total housing inventories represent 6.6 months of supply at the current sales pace, up from 6.2 months of supply in March.
Additionally, NAR said the median existing-home price for all housing types rose 7.6 percent to $177,400 in April from $164,800 in March.
The median price in April reflected a 10.1 percent jump compared to the same month a year ago following a 3.1 percent annual improvement in March.