NAR released a summary of existing-home sales data showing that the housing market sales increased for the second consecutive month, as April’s existing-home sales reach the 5.45 million seasonally adjusted annual rate. April’s existing sales are up 6.0 percent from a year ago.
The national median existing-home price for all housing types was $232,500 in April, up 6.3 percent from a year ago.
Regionally, all regions showed growth in prices from a year ago, with the Midwest leading at 7.7 percent. The West and South both followed with a 6.5 percent increase. The Northeast had the smallest gain of 4.1 percent from April 2015.
From March, two of the four regions experienced increases in sales. The Northeast and Midwest dominated regional sales. The Midwest had the largest increase of 12.1 percent while the Northeast had a 2.8 percent increase. The West had a decline of 1.7 percent and the South decreased by 2.7 percent.
All regions showed gains in sales from a year ago, except the West where sales declined 3.4 percent. The Northeast had the biggest increase of 17.5 percent while the South had the smallest gain of 4.3 percent. The South leads all regions in percentage of national sales at 40.2 percent while the Northeast has the smallest share at 13.6 percent.
April’s inventory figures are up 9.2 percent from last month to 2.14 million homes for sale but the level is below historical averages. Inventories are down 3.6 percent from a year ago. It will take 4.7 months to move the current level of inventory at the current sales pace. It takes approximately 39 days for a home to go from listing to a contract in the current housing market unchanged from a year ago.
Single family sales modestly increased 0.6 percent while condos also increased 10.3 percent compared to last month. Single family home sales increased 6.2 percent and condo sales are also up 4.9 percent from a year ago. Both single family and condos had an increase in price with single family up 6.2 percent and condos up 6.8 percent from April 2015.