NAR: Sales and prices both rise in April
NAR’s monthly report on the U.S. real estate market found that April’s existing-home sales were 10 percent higher than a year ago (and about 3.4 percent ahead of March). As usual, ignore the month-to-month number; sales almost always increase from March to April. It’s the year-over-year figure that’s good news.
Also file under “good news”:
Inventory was down from 9.1 months in April 2011 to 6.6 months this year — a drop of 20.6 percent.
The national median existing-home price was up more than 10 percent over last year.
Foreclosures and short sales made up 28 percent of sales in April, down from 37 percent last year — which likely accounts for a good deal of that price rise.
It’s nice, after reporting so much bad news for so long to be able to write something unequivocally positive.