Thursday, May 22, 2014

Existing Home Sales Rose in April

Existing homes sales rose by 1.3% in April to an annual pace of 4.65 million units. The previous month was the lowest level in 2 years. Sales are still 6.8% below year ago levels.

Only two of the four regions saw gains in April. The West and South grew by 4.9% and 1.0% respectively. The Northeast remained the same and the Midwest shrank by 1.0%.

The market supply jumped in April to 5.9 months, from 5.1 months in March, the largest supply in a year and a half.

The median house price increased to $201,700, the highest median price since last summer. The rise in the median home price along with an increase in market supply points to a housing market that will continue to improve over the summer.

Read the NAR release.

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