National Association of Realtors breaking news: Sales of existing U.S. homes rose in April!
Just the facts:
* Purchases increased 3.4 percent to a 4.62 million annual rate.
* The median price jumped by the most in six years.
* The median price of an existing home climbed 10 percent to $177,400 from $161,100 in April 2011.
* This was the biggest year-to-year gain since January 2006 and reflected a seasonal mix in demand toward bigger houses and fewer distressed sales. Note: there were fewer distressed homes for sale (REOs). That DOES NOT mean there are fewer distressed homes that must be sold.
Urgent Short Sale Notice: Must attend Short Sale industry update. New fast close, direct assignment short sales. Learn how to become a Lender Preferred Short Sale Agent. Grab your spot for the FREE Short Sale Industry Update Training Event. Warning: Limited space available for this industry wide event. Register now!
* Inventory has increased. The number of previously owned homes on the market climbed 9.5 percent to 2.54 million.
* At the current sales pace, it would take 6.6 months to sell those houses compared with 6.2 months in March.
* Sales of existing single-family homes increased 3 percent to an annual rate of 4.09 million.
* Multifamily properties, including condominiums and townhouses, rose 6 percent to a 530,000 pace.