Homebuying Pace Edges Up But This Is No Spring 2013

Home resales rallied 1.3 percent last month, the National Association of Realtors confirms, but the pace of activity is lagging year-ago levels by 6.8 percent. Moreover, sales of single-family houses gained just 0.5 percent in April, while a 7.3 percent spike in the condominium market accounted for most of the overall growth. The high end of the residential market also is faring relatively well. Still, at an annually adjusted rate of 4.65 million units, home buying is falling short of the 5.5 million-unit pace that indicates a healthy housing market and is not even keeping stride with the 2013 pace of 5.1 million. NAR is optimistic about the near-term outlook, however, with the April report finding that more prospective home sellers are starting to put their properties up for sale after a harsh winter. The supply of available homes has now climbed to 5.9 months from 5.2 months in April 2013. | Read More