Existing-home sales in April increased 1.7 percent to a seasonally adjusted annual rate of 5.45 million, compared with March’s rate of 5.36 million, and are up 6 percent year-over-year, according to the National Association of Realtors.
The sales increase in April should build momentum for the housing market this spring, said NAR Chief Economist Lawrence Yun in a statement.
“Primarily driven by a convincing jump in the Midwest, where home prices are most affordable, sales activity overall was at a healthy pace last month as very low mortgage rates and modest seasonal inventory gains encouraged more households to search for and close on a home,” he said. “Except for in the West—where supply shortages and stark price growth are hampering buyers the most—sales are meaningfully higher than a year ago in much of the country.”
The median existing-home price was $255,500, an increase of 6.3 percent year-over-year. The increase marks the 50th consecutive month of year-over-year increases.
