Analyzes the April Existing Home Sales Reports – Prices & Inventory Rise

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New analysis from gives insight on the current April Existing Home Sales reports. The analysis includes data that details the types of buyers that are closing on homes market activity by region and factors that are influencing today's home sales.

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The current monthly home sales report analyzes data found in the National Association of Realtors April Existing-Home Sales report. The report outlines key findings for existing home sales and forecasts what buyers and sellers will likely experience in months to come based on the market activity in April.

The April Existing Home Sales Report revealed that the real estate market is continuing to experience gains as 2012 progresses. Real estate agents and industry experts are optimistic given the significant improvement in prices, which are partially due to the decline in foreclosures and short sales. There are signs that the market overall appears to be balancing out and even leaning towards a seller’s market in some areas. NAR chief economist Lawrence Yun 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.”

Key Findings in the April 2012 Existing Home Sales Report Include:

  •         4.62 million existing home sales in April
  •         150,000 more homes sold compared to March’s revised numbers
  •         10% higher than total home sales in April 2011
  •         Inventory was up 9.5% ending the month at 2.54 million
  •         Median existing home price increased to $177,400 for all types of homes
  •         Foreclosures and short sales accounted for 28% of the sales, down from 37% in April 2011
  •         35% of home buyers were first-time buyers
  •         20% of home buyers were investors
  •         29% were all cash sales

Compared to last month, home sales in April increased across all regions. The Northeast saw the largest increase in sales at 5.1%, followed by the West at 4.4% and the South at 3.5%. The Midwest region sales rose 1%. The median priced rose in the Midwest, South and West.

Top Factors Effecting Home Sales

  •     Affordability    
  •     Home prices stabilizing but remaining affordable
  •     Sustained job growth
  •     Low mortgage interest rates

Though home sales were down, it was a direct correlation to the decrease in available inventory. April statistics suggest that the real estate market is stabilizing both in supply and demand as well as price. As the economy improves, more buyers are beginning to enter the market, especially given that prices seemed to have bottomed out in most areas. All this points to a more balanced market which lays the groundwork for improved conditions in the real estate industry overall in the coming months.

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