April 2015 existing home sales, while up 6.1 percent from a year ago, declined 3.3 percent from March on a seasonally-adjusted annualized rate (SAAR) according to the National Association of Realtors® (NAR). April’s median price of $219,400 is up 8.9 percent from a year ago.
When examining actual monthly sales numbers on a non-seasonally adjusted basis, April’s total 445,000 sales were up 9.9 percent sequentially from March, and up 5.4 percent from April a year ago. Sales numbers and monthly median prices are shown in the following two graphs.
Other details in the NAR release included:
- Almost four-in-10 properties sold in April closed above the asking price given limited inventory
- The typical property was on the market just 39 days, with almost one-half (46 percent) on the market less than 30 days
- Short sales were in the market the longest at a median 180 days, foreclosures 50 days and non-distressed properties 38 days
- Distressed sales and foreclosures made up one out of every 10 sales in April (10 percent) down from 15 percent a year ago. 7 percent were foreclosures and 3 percent short sales. Foreclosures sold for an average 20 percent less than non-distressed properties and short sales at a 14 percent discount
- First-time homebuyers bought three out of ten homes (30 percent) compared to 29 percent a year ago
- All-cash transaction occurred in one-in-four sales in April (24 percent) versus 32 percent a year ago
- Investors bought 14 percent of all April sales, down from 18 percent a year ago. Seven-out-of-every 10 investment buyers (71 percent) paid all-cash in April
- Home sales were up 3.6 percent over a year ago in the Northeast, up 11.4 percent in the Midwest, up 3.6 percent in the South and up 10 percent in the West
To read the entire NAR press release and access data click http://www.realtor.org/news-releases/2015/05/existing-home-sales-lose-momentum-in-april
Highly favorable interest rates, jobs growth and rising rents are creating a sustainable demand for housing, reflected in sales numbers and prices.
Ted