Home Sales, Prices Increase - | ArmandoMontelongo.com

Armando Montelongo Team Blog

Realtors: Existing-Home Sales, Prices Rising

Existing-home sales and median prices both rose by 10 percent in the last year, while the  listed inventory fell 20.6 percent, according to a new report.

The National Association of Realtors said the national median existing-home price for all housing types jumped to $177,400, up 10.1 percent from a year ago. The report also noted that foreclosures and short sales were down 37 percent and first-time buyers decreased 2.8 percent.

Existing-home sales were at an annual rate of 4.62 million in April, up 10 percent from April 2011. For-sale inventory dropped to 2.54 million.

“A return of normal home buying for occupancy is helping sales across all price points, and now that recovery appears to be extending to home prices,” said Lawrence Yun, the association’s chief economist. “The general downtrend in both listed and shadow inventory has shifted from a buyers’ marketing to one that is much more balanced, but in some areas it has become a seller’s market.”

Regionally the median home price, sales and change is shown below:

What does this mean for your region? Do you see signs of recovery? Tell us: