The National Association of Realtors’ most recent Existing Home Sales Report shows a 0.2 percent increase in sales of previously owned homes in April compared to month-before numbers. But while sales were flat nationally month-over-month, they were headed upward in the Midwest and South, unchanged in the Northeast, and down in the West. From last year, sales in the West were flat, the South increased, and the Northeast and Midwest both fell. In other words, regional differences remain. Dr. Lawrence Yun, NAR’s chief economist, says conditions have improved, despite subdued sales activity. “Mortgage rates are lower from a year ago, and average income growth is outpacing home price gains,” Yun said. “Inventory still remains tight. Multiple offers, though not as intense as a few years ago, are still occurring. At the same time, days on market are lengthening on average, implying that consumers are taking their time before making decisions.” (source)
