Even with housing inventory in tighter supply and home prices accelerating, existing-home sales sustained recent momentum, according to the National Association of Realtors®.
EHS gained 1.7% to a SAAR of 5.45M in April 2016, versus March’s 5.36M. Year-over-year, this represented a 6% increase over last April.
Lawrence Yun, NAR Chief Economist, on April’s sales increase:
“Primarily driven by a convincing jump in the Midwest, where home prices are most affordable, sales activity overall was at a healthy pace last month as very low mortgage rates and modest seasonal inventory gains encouraged more households to search for and close on a home … sales are meaningfully higher than a year ago in much of the country.”
Median price for EHS in April hit $232,500, a 6.3% YOY gain over April 2015’s $218,700. This marks the 50th consecutive month of appreciating home prices.
Visit Realtor.org for more details on the US housing market.