Sales of new single-family homes rose 7.3% in April from a month earlier, easily topping most analyst estimates.
The Commerce Department said the seasonally adjusted rate of 323,000 units last month was up from 301,000 for March, which was revised upward slightly. April new home sales were down 23.1% from 420,000 a year earlier.
The median sales price of new homes sold in April was $217,900, up 4.6% from March.
Jerry Howard, chief executive officer of the National Association of Home Builders, believes the housing market is still “bouncing along the bottom.”
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Washington, DC, April 20, 2011
Sales of existing-home sales rose in March, continuing an uneven recovery that began after sales bottomed last July, according to the National Association of Realtors®.
Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 3.7 percent to a seasonally adjusted annual rate of 5.10 million in March from an upwardly revised 4.92 million in February, but are 6.3 percent below the 5.44 million pace in March 2010. Sales were at elevated levels from March through June of 2010 in response to the home buyer tax credit.
NAR’s housing affordability index shows the typical monthly mortgage principal and interest payment for the purchase of a median-priced existing home is only 13 percent of gross household income, the lowest since records began in 1970.
On April 9th between 10 and 11am, I will be on the Real Estate Radio talking with Mike Kent about the upcoming Nationwide Open House weekend. This weekend is occuring June 4th and 5th across the entire nation. It will be by far the BEST weekend to have your house open for prospective buyers if you are selling your home, and the BEST weekend to house hunt if you are searching. There will be hundreds, if not thousands of open houses to view during this weekend. Keep your eyes and ears open for more information to come!