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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.

Click here for the full details from NAR,

and click here for some graphs, charts, and commentary from Calculated Risk.