Good news! According to the National Association of Realtors, the housing market is definitely recovering. In April, existing-home sales rose and remain above where they were a year ago! NAR also states that the improvements in sales and prices spanned across all regions.
Existing-home sales are defined as completed transactions that include single-family homes, town houses, condos, and co-ops. According to NAR, existing-home sales hit 4.62 million in April. That’s almost a 3 and a half percent increase from the previous month, and a whopping 10 percent jump up from a year ago!
Not only is the market improving, it’s also slowly (but surely) balancing back out from just being a buyer’s market. In many areas, it’s evening out but, in some places, it’s actually turning back into a seller’s market. In addition to home sales being up, more money is being exchanged as prices are up, too. The national median price for existing-home sales went up 10.1 percent from the same time last year. This means that, for the year, we can expect an overall increase of 1 or 2 percent which gives us a very optimistic lookout for 2013.
For a more detailed look at how the numbers break down, check out NAR’s write up. [link]