According to the tally from the national Association of Realtors, there’s the beginning of a return to normalcy taking place across housing.
Existing-home sales in April rose to a seasonally adjusted annual rate of 4.62 million, up 3.4% from a downwardly revised 4.47 million in March.
“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,” said Lawrence Yun, NAR chief economist. “The general downtrend in both listed and shadow inventory has shifted from a buyers’ market to one that is much more balanced, but in some areas it has become a seller’s market.”
Compared with a year ago, existing home sales are up 10.0%.
The national median existing-home price for all housing types jumped 10.1% to $177,400 in April from a year ago; the March price showed an upwardly revised 3.1% annual improvement.
“This is the first time we’ve had back-to-back price increases from a year earlier since June and July of 2010 when the gains were less than one percent,” Yun said.