Single-Family Resales Climb in April, Prices Headed Up

Sales of existing single-family homes increased in April when compared to sales in April one year ago. There were 291 single-family home resales in April. That is a 13.6% increase over the 256 homes sold in April, 2015.

The latest numbers contributed to an increase in the annual rate of resales which came in at 2,927. This is a 1.2% increase over the annual rate reported last month and an 11.0% increase when compared to the annual rate reported one year ago.

Comparing the first four months of this year with January thru April of last year, reports show 826 single-family resales in 2015 and 907 family resales in 2016. This is a 10% increase.

As the chart below shows, the annual rate of resales has increased over the last 12-months from 2,674 to 2,927. The April report indicates that 12-month average single-family resale prices remain basically flat over the last three months. However, a look at the 3-month average shows that sale prices are rebounding from a downturn that began in June, 2015 and ended in January of this year.

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National Assoc. Realtors Regional Breakdown

April existing-home sales in the Northeast climbed 2.8 percent to an annual rate of 740,000, and are now 17.5 percent above a year ago. The median price in the Northeast was $263,600, which is 4.1 percent above April 2015.

In the Midwest, existing-home sales soared 12.1 percent to an annual rate of 1.39 million in April, and are now 12.1 percent above April 2015. The median price in the Midwest was $184,200, up 7.7 percent from a year ago.

Existing-home sales in the South declined 2.7 percent to an annual rate of 2.19 million in April, but are still 4.3 percent above April 2015. The median price in the South was $202,800, up 6.5 percent from a year ago.

Existing-home sales in the West decreased 1.7 percent to an annual rate of 1.13 million in April, and are 3.4 percent lower than a year ago. The median price in the West was $335,000, which is 6.5 percent above April 2015.

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