According to the National Association of Realtors (NAR), existing-home sales rose 1.3 percent in April, marking the first increase so far this year. In addition, total housing inventory jumped 16.8 percent to a 5.9-month supply.
“Some growth was inevitable after sub-par housing activity in the first quarter, but improved inventory is expanding choices and sales should generally trend upward from this point,” said Lawrence Yun, NAR chief economist. “We’ll continue to see a balancing act between housing inventory and price growth, which remains stronger than normal simply because there have not been enough sellers in many areas. More inventory and increased new-home construction will help to foster healthy market conditions.”
Properties sold faster for the fourth straight month in April, reflecting the prolonged lag in inventory relative to demand. The median time on market for all homes was 48 days in April, down from 55 days in March.
“The typical time on market shrunk in April, with four out of 10 homes selling in less than a month,” said NAR President Steve Brown. “Homes that show well and are properly priced tend to sell the fastest. More housing inventory gives buyers better choices, and takes the pressure off of the buying process, which is a welcome sign, especially for first-time buyers.”
