Data from the National Association of Realtors (NAR) shows that existing-home sales rose once more in April, with buyers motivated by the tax credit, improving consumer confidence and favorable affordability conditions.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 7.6% to a seasonally adjusted annual rate of 5.77 million units in April from an upwardly revised 5.36 million in March, and are 22.8% higher than the 4.70 million-unit pace in April 2009. Monthly sales rose 7.0 percent in March.

In addition, total housing inventory at the end of April rose 11.5% to 4.04 million existing homes available for sale, which represents an 8.4-month supply at the current sales pace, up from an 8.1-month supply in March. Raw unsold inventory is 2.7% above a year ago, but remains 11.6% below the record of 4.58 million in July 2008. The national median existing-home price for all housing types was $173,100 in April, up 4.0% from April 2009. Distressed homes accounted for 33% of sales last month, compared with 35% in March.

"Buyers are focused on finding the right house and taking advantage of favorable affordability conditions. For many buyers, owning a home is a lifestyle choice. They want a place of their own to raise a family, build memories, and be part of a larger community," said NAR President Vicki Cox Golder.

Read more about NAR's findings in the official press release.

Posted in Education And Training, Buyer Resources, Seller Resources

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