Wednesday, May 23, 2012

US existing home sales, prices rise in April

WASHINGTON: US existing home sales increased in April and home prices continued to rise, an industry group said on Tuesday in a report signalling recovery under way in the distressed housing market.

Sales of previously occupied homes rose 3.4 percent to an annual rate of 4.62 million in April, and were 10 percent higher than a year ago, the National Association of Realtors said.

The April reading compared with a downwardly revised 4.47 million single-family homes in March.

Lawrence Yun, NAR chief economist, said the latest numbers showed that sales were no longer due to investors taking advantage of depressed housing prices.

"A return of normal home buying for occupancy is helping home sales across all price points, and now the recovery appears to be extending to home prices," he said.

"The general downtrend in both listed and shadow inventory has shifted from a buyers' market to one that is much more balanced, but in some areas it has become a seller's market."

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Source From Channel news Asia

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