Existing home sales on the rise
Posted on Monday, June 11, 2012 at 4:46:58 PM
The housing market is continuing its positive momentum. According to the National Association of Realtors (NAR), existing-home sales rose in April 2012, and home prices are continuing their upward trend. Across the nation, more Americans are applying for mortgages and purchasing pre-existing properties with residential financing.
The sale of existing homes increased 3.4 percent to a seasonally adjusted rate of 4.62 million in April 2012. This is up from the 4.47 million experienced in March, and 10 percent higher than the 4.2 million sold in April 2011. In addition to an increase in property sold, the demographics making up a large portion of homebuyers has changed. The NAR states that investors are no longer buying up homes at the rate they were in previous months.
"It is no longer just the investors who are taking advantage of high affordability conditions. A return of normal home buying for occupancy is helping home sales across all price points, and now the recovery appears to be extending to home prices," said Lawrence Yun, NAR chief economist.
Potential homebuyers looking for a new home may benefit from the improving economy. Not only are home values expected to improve, but prices currently remain affordable in many metros.