By Sarah Portlock and Alan Zibel | The Wall Street Journal
Sales of previously owned homes reached the highest level in more than three years, with the share of foreclosure purchases shrinking, as the housing market continued its rebound last month.
Existing-home sales inched up 0.6% in April from a month earlier to a seasonally adjusted annual rate of 4.97 million, the National Association of Realtors said Wednesday. The results were the highest since November 2009 and were 9.7% above the same month a year earlier.
The report brought several new signs that the housing market is well on its way to recovery from the housing bust. Homes sold in April were on the market for a median of 46 days, down from 83 a year earlier. The median sale price in April was $192,800, up 11% from a year earlier, the highest since August 2008. Sales of homes under $100,000, including many foreclosures, were down nearly 10% from a year earlier, while sales of properties for more than $750,000 were up by more than 40%.
If you’d like to discuss real estate matters, contact Rose Law Group founder Jordan Rose, jrose@roselawgroup.com
