Real Estate Culture - Information Update #homeownership #finances #wealth

Real Estate Update - Information You Should Know

- According to the National Association of REALTORS (NAR), total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, dipped 2.3 percent to a seasonally adjusted annual rate of 5.57 million in April from a downwardly revised 5.70 million in March.  Despite last month's decline, sales are still 1.6 percent above a year ago and at the fourth highest pace over the past year.

- The median existing-home price for all housing types in April was $244,800, up 6.0 percent from April 2016 ($230,900).  April's price increase marks the 62nd straight month of year-over-year gains.

- Total housing inventory at the end of April climbed 7.2 percent to 1.93 million existing homes available for sale, but is still 9.0 percent lower than a year ago (2.12 million) and has fallen year-over-year for 23 consecutive months.  Unsold inventory is at a 4.2-month supply at the current sales pace, which is down from 4.6 months a year ago.

- Properties typically stayed on the market for 29 days in April, which is down from 34 days in March and 39 days a year ago, and surpasses last May (32 days) as the shortest timeframe since NAR began tracking in May 2011.  Short sales were on the market the longest at a median of 88 days in April, while foreclosures sold in 46 days and non-distressed homes took 28 days.  Fifty-two percent of homes sold in April were on the market for less than a month (a new high).

---