Existing-home sales rose 0.6 percent in April to an annual sales rate of 4.97 million, the highest level since November 2009, the National Association of Realtors reported Wednesday. Economists had expected a 1.6 percent increase to 5.0 million from March’s original report of 4.92 million sales. March sales were adjusted upward to 4.94 million.
The median price of an existing single-family home jumped $8,900 in the month to $192,800, the highest since August 2008.The inventory of homes for sale rose to 2.16 million—its highest level since last September. The supply of homes for sale rose to 5.2 months, the highest since October. Inventory has been a persistent concern to NAR, which says the low supply of homes for sale has reduced the number of transactions.
Recently, though, inventory has edged up, consistent with the increase in the median price of an existing-home, which has risen in five of the last six months. The number and months supply of home for sale has gone up for three straight months. See video ....
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