Existing Home Sales And Prices Both Rose In April
As sales of existing homes rose 3.4 percent in April from March, prices of those previously owned houses, townhouses, condominiums and co-ops also rose, the National Association of Realtors said this morning.
"The recovery appears to be extending to home prices," NAR Chief Economist Lawrence Yun says in a report issued earlier.
Sales were 10 percent above the level of April 2011, NAR adds. Last month's pace: a 4.62 million annual rate.
The national median price, $177,400, was up 10.1 percent from April 2011.
Tempering some of the enthusiasm about the report: As Bloomberg News points out, April's sales increase was the first in three months.