Home Sales Rise, Market Finds Stability
For the 2nd month in a row, April home sales rose higher than sales in the previous month. While April sales were 10.9% higher than March, they remained below the same period last year by 7.8%. Only two of the 52 metro areas included in the April report experienced lower sales than the previous month. Year-over-year home prices continued to push higher in April, with a 5.8% increase, which is lower than the 10.7% increase seen in April 2013. While both credit availability and inventory remain tight, April became the 13th consecutive month with fewer inventory losses than the previous month. At the rate of home sales in April, the Months Supply of inventory fell to 3.9, where a supply of 6.0 indicates a market balanced equally between buyers and sellers.
See the full report here : http://remaxallpro.com/pdfs/REMAX-National-Housing-Report_May-2014.pdf