Existing home sales and prices increase in April;  Housing recovery is underway

dennis-norman-st-louis-realtor-existing-home-salesToday’s existing home sales report from the National Association of REALTORS® shows existing home sales in April were at at a seasonally adjusted-annual rate of 4.62 million units which is a increase of 3.4 percent from the month before and an increase of 10.0 percent from a year ago. The actual number of homes sold in April was 400,000 which is an increase of 11.1 percent from the month before and an increase of 6.7 percent from a year ago when there were 375,000 homes sold.

Home prices increase for third-consecutive month….

The median home price in the U.S. in April was $177,400, an increase of 7.6 percent from the month before and an increase of 10.1 percent from a year ago when the median price was $161,100.

Supply of Homes for sale increases from month before….

The number of existing homes on the market increased in April by 9.5 percent from the previous month to 2.54 million homes, and decreased 20.6 percent from a year ago when there were 3.2 million homes for sale. The months supply of homes on the market increased 6.5 percent from the prior month to 6.6 months and is down 27.5 percent from a year ago when the supply was 9.1 months.

The housing recovery is underway…

Lawrence Yun, NAR chief economist, said the housing recovery is underway. “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 said. “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.”

The following are the ACTUAL Existing Home sales for April, 2012 reported by NAR without any adjustment or fluff:

  • There were 355,000 existing homes sold during the month which is an increase of 12.3 percent from the month before and an increase of 6.6 percent from a year ago.
  • Below are highlights from each region for the month;
    • Northeast – 52,000 homes sold, an increase of 20.9 percent from the prior month and an increase of 15.6 percent from the year before.
    • Midwest – 89,000 homes sold, an increase of 8.5 percent from the prior month and an increase of 12.7 percent from the year before.
    • South – 155,000 homes sold, an increase of 10.7 percent from the prior month and an increase of 4.7 percent from the year before.
    • West – 104,000 homes sold, an increase of 9.5 percent from the prior month and an increase of 1.0 percent from the year before.

Other highlights of the NAR Report for April 2012:

  • Distressed sales (short sales and foreclosures) accounted for 28 percent of all home sales for the month (17 percent were foreclosures and 11 percent short sales), down from 29 percent the month before.
  • First-Time homebuyers accounted for 35 percent of the home sales for the month, up from 33 percent the month before.
  • Investors were the buyers of 20 percent of the homes for the month, down from 21 percent the month before.
  • Repeat home buyers were responsible for approximately 45 percent of the month’s sales down from 46 percent the month before.
  • Cash buyers were 29 percent of all sales for the month, down from 32 percent the month before.
  • Foreclosures typically sold for an average 21 percent below market price.
  • Short sales sold for an average 14 percent below market price.
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