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Rising home prices, sales observed in April

Posted on Monday, May 20, 2013 at 3:41:38 PM

A considerable amount of improvement was recorded within the national housing market last month, as the American economy continues to make progress in its ongoing recovery. With falling inventory levels giving way to higher property prices and increased sales figures, mortgage rates hovering at low levels may influence a considerable amount of individuals to pursue residential financing and homeownership. 

Within its latest Real-Time Home Price Tracker, Redfin reported month-over-month and year-over-year gains by both home sales and sale prices in April. During the month, finalized housing transactions were recorded at a level more than 7 percent higher than March and nearly 11 percent above April 2012. Meanwhile, April home prices appreciated 5 percent from the preceding month and 16 percent from the same time the year prior.

The growth exhibited during April were well-founded as the previous quarter saw a significant amount of improvement. According to the National Association of Realtors' (NAR) latest quarterly report, the median home price of an existing single-family unit rose in 133 of country's 150 largest metropolitan areas.

NAR chief economist Lawrence Yun said the current market conditions may again see heightened values this year, however, prices are expected to moderate in 2014.