Sale of Previously Occupied Homes Rise

The National Association of Realtors (NAR) says reports from across the country show existing home sales edged up 3.4 percent April over March, 2012 for every region of the country. While the increase is a positive sign, the seasonally-adjusted annual rate (SAAR) of 4.62 million home sales, just below January’s pace of 4.63 million, remains short of a healthy economy’s six million. TheOlympian tells MHProNews.com first-time buyers accounted for 35 percent of sales, up three percent from March. Foreclosure sales numbered 37 percent of home sales in April 2011, down to 28 percent in April 2012, which helped boost the median sales price year-over-year 10.1 percent to $177,400. Existing homes account for 80 percent of all homes sold. Many would-be home buyers continue to be stymied by high down payments and tight credit, although some are reluctant to buy for fear the prices will fall more.

(Photo credit: NewsCourier/Rebecca Croomes)

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