Housing Market Continues with Ups and Downs

Bloomberg says that new home sales increased in April to a pace of 323,000 on the year, jumping 7.3 percent from last month, according to the  Commerce Department, which followed February’s count of 278,000, the lowest monthly rate since record-keeping began in1963.  The article attributes the increase to job growth and affordability, but maintains foreclosures will continue to drive down existing home prices, making them more attractive to buyers.  The median sale price increased 4.6 percent over last month, and the supply of homes dropped to 6.5 percent in April, the lowest in a year.  Last month saw 175,000 new houses on the market, the fewest since 1963.  Previously-owned homes sold as cash sales accounted for 31 percent, and distressed properties made up 37 percent of total homes sold, according to the National Association of Realtors.

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