INFO THAT HITS US WHERE WE LIVE… Well, we can all finally enjoy some solid signs of recovery in the housing market. Tuesday we got the news Existing Home Sales were UP 3.4% in April to a 4.62 million unit annual rate. Sales are now UP 10.0% over a year ago. The median price is UP 10.1% from a year ago and the average price is UP 7.4% for the year.
This great news was followed on Wednesday with new single-family homes sales UP 3.3% in April to a 343,000 unit annual rate and UP 9.9% over a year ago. The months’ supply of new homes dropped to 5.1, although inventories rose a bit. The median price is now UP 4.9% versus a year ago and the average price is UP 5.1% for the year. No one expects a huge increase in sales right away, but as one economist put it, “The housing recovery is definitely underway.”
Courtesy of Nicole Walker, Sterling Bank