Existing Homes Sales Rose in April

• May 27th 2009

by Mark Wellborn

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The National Association of Realtors reported this morning that existing-home sales rose about 2.9 percent in April as buyers snatched up foreclosures and other discounted properties.

The annual rate of home sales increased to 4.68 million last month from 4.55 million in March, according to NAR statistics. This rate was just slightly higher than expectations that were set at 4.67 million sales.

Almost 50 percent of the properties sold in April were foreclosures and short sales. Historically, a high volume of distressed property sales leads to lower prices. The median price for an existing home last month was $170,200, 15.4 percent lower than in April 2008 ($201,300).

NAR chief economist Lawrence Yun said that getting distressed properties off the market is an important step in the recovery of the housing market:

“Because foreclosed properties will likely be released into the market over the rest of year, it is critical that distressed homes be quickly cleared from the market,” Yun said. “Fortunately, home buyers are being attracted to deeply discounted prices and are bidding up many foreclosed listings, particularly in California, Nevada, and Florida – this will set the stage for healthy market conditions going forward.”

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/existing_homes_sales_rose_in_april/957.