Existing-Home Sales Rise 7.6% in April

The National Association of Realtors (NAR) said Monday that sales of previously owned homes rose 7.6 percent, amounting to a seasonally adjusted annual rate of 5.77 million. That was the best showing in five months and better than the 5.63 million units economists had expected.

Lawrence Yun, NAR chief economist, said the gain was widely anticipated. “The upswing in April existing-home sales was expected because of the tax credit inducement, and no doubt there will be some temporary fallback in the months immediately after it expires, but other factors also are supporting the market,” he said. “For people who were on the sidelines, there’s been a return of buyer confidence with stabilizing home prices, an improving economy and mortgage interest rates that remain historically low.”

Sales were up in all parts of the country except the West.

According to NAR, “regionally, existing-home sales in the Northeast surged 21.1 percent to an annual level of 1.09 million in April and are 41.6 percent higher than a year ago. The median price in the Northeast was $243,000, up 2.1 percent from April 2009.

Existing-home sales in the Midwest rose 9.9 percent in April to a pace of 1.33 million and are 29.1 percent above a year ago. The median price in the Midwest was $146,400, up 5.8 percent from April 2009.

In the South, existing-home sales increased 8.6 percent to an annual level of 2.14 million in April and are 23.0 percent higher than April 2009. The median price in the South was $150,000, up 1.2 percent from a year ago.

Existing-home sales in the West fell 6.2 percent to an annual rate of 1.21 million in April but are 5.2 percent above a year ago. The median price in the West was $212,400, up 3.8 percent from April 2009.”

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