Home sales begin to rise across country
Posted on Friday, May 23, 2014 at 11:40:14 AM
The housing market got off to a slow start this year, with fewer buyers taking advantage of affordable residential financing rates and purchasing a home. However, all indicators point to increased activity across the country in April.
According to the National Association of Realtors, existing-home sales for the month ticked up for the first time in 2014, now 1.3 percent above the levels noted in March. The Northeast's sales figures were unchanged during that time, but gains were reported in the West and South, with a minor decline in the Midwest.
"Some growth was inevitable after sub-par housing activity in the first quarter, but improved inventory is expanding choices and sales should generally trend upward from this point," said Lawrence Yun, NAR chief economist. "Annual home sales, however, due to a sluggish first quarter, will likely be lower than last year."
In addition, the U.S. Census Bureau and the Department of Housing and Urban Development reported that new residential sales have also increased in April. For the month, a 6.4 percent increase compared to the March rate of 407,000 units was estimated. The median sales price of new homes sold in April reached $275,800.