Existing-Home Sales Are On the Rise Month Over Month, Year Over Year

Homes.com

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.

We’ve mentioned before how pending-home sales are up as well as mortgage lending. Have you seen an increase in any of these areas in your real estate market? Comment and let us know!

For a more detailed look at how the numbers break down, check out NAR’s write up. [link]

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