Tax Credit Sends Existing Home Sales Soaring

Existing home sales surged to a five-month high in April, according to The National Association of Realtors. Sales of previously owned homes were up 22.8 percent over last year’s pace and 7.6 percent above the month before. Though the gains were expected, Lawrence Yun, NAR’s chief economist, said there are other factors supporting the market such as stabilizing prices, an improving economy, and low interest rates. Total housing inventory also rose, climbing 11.5 percent to an 8.4-month supply at the current sales pace, up from an 8.1-month supply in March. More here, here, and here.

Filed under: Uncategorized, Existing Home Sales, Housing Market, Interest Rates, Inventory, News, Prices, Real-Estate, Tax Credit