The following is an excerpt from the monthly RE/MAX National Housing Report.
The national median home price rose for the third straight month in April, indicating that a housing recovery is strengthening in 2012. In the 53 metropolitan areas surveyed by the RE/MAX National Housing Report, median home prices were 3.2% higher than March and a solid 5.9% higher than April 2011.
After 18 consecutive months of year-over-year price declines, February was the first month home prices experienced an increase. Now, March and April have followed suit creating a positive trend. The market continues to show strength with home sales 4.1% higher than April 2011. April becomes the 10th month sales have pushed higher than the same month a year earlier. Inventory, Months Supply and Days on Market are all trending lower. With current levels of sales and inventory, an expected up-tick in foreclosure properties could be absorbed if they come to market over a reasonable time frame.
“It’s encouraging to see several improving economic and housing indicators, which are pointing to a continuing real estate recovery,” said Margaret Kelly, CEO of RE/MAX, LLC. “While home prices are still low and interest rates remain at historically low levels, it’s likely that many more potential homebuyers will leave the sidelines and jump into this market.”
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