Keeping you up to date on the latest data releases.
- Existing Home Sales
Existing single-family home sales increased a sizeable 7.4 percent in April following an upwardly revised 7.8 percent gain in March. The annual sales pace lifted to 5.05 million, its highest level since last November just before sales took a dip after the initial deadline of the first-time homebuyers’ tax credit. All regions of the U.S. shared in April’s gain except for the West, and national year-over-year growth climbed from 17.2 percent to 23.5 percent. The National Association of Realtors’ attributed rising home sales to the tax credit inducement, a return of buyer confidence with stabilizing home prices, an improving economy and mortgage rates that remain historically low. The number of existing single-family homes on the market rose by 12.8 percent in April, surpassing the concurrent pickup in sales and boosting the months’ supply to 8.2. Growth in the median sales price of existing single-family homes has gone uninterrupted for three months straight, and April marks the first positive year-over-year growth since July 2006. Last month, March had originally been reported as having year-over-year growth of 0.6 percent, but downward revision eroded it back to −0.1 percent.