Home sales jump for first time in months
Posted May 22, 2012
Existing home sales rocked the house Tuesday, according to the National Association of Realtors, increasing 3.4 percent in April. This is the first increase in three months and the highest level we’ve seen since May 2010.
We also saw an increase in the median price for existing homes, which jumped by 10.1 percent in year-over-year data for April. This is the largest year-over-year increase that we’ve seen since January 2006. The improvement in existing sales helps to solidify the fact that there is substance to the housing recovery this spring. Certainly our Triangle core housing fundamentals are getting stronger, and as they continue to improve, we’ll hopefully see sales improvements as well. Now we’ll see if we can continue this home sale momentum tomorrow with the release of the monthly New Home Sales Report.