Median Home Resale Price Up 10% Over Year Ago: Realtors

Existing home sales rose more than forecast in April as the median resale price for all housing types jumped 10.1 percent to $177,400 compared to a year ago, according to the National Association of Realtors.
Home resales remain above a year ago, while home prices continue to rise – a double dose of optimism for the struggling housing market if the trends hold.
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – increased 3.4 percent to a seasonally adjusted annual rate of 4.62 million in April, from a downwardly revised 4.47 million in March, and are 10.0 percent higher than the 4.20 million-unit level in April 2011.
The national median existing-home price for all housing types jumped 10.1 percent to $177,400 in April from a year ago. The March price showed an upwardly revised 3.1 percent annual improvement.
It was the biggest year-over-year home price jump since January 2006.
“This is the first time we’ve had back-to-back price increases from a year earlier since June and July of 2010 when the gains were less than one percent,” said Lawrence Yun, NAR chief economist.  “For the year we’re looking for a modest overall price gain of 1.0 to 2.0 percent, with stronger improvement in 2013.”
Distressed homes – foreclosures and short sales sold at deep discounts – accounted for 28 percent of April sales (17 percent were foreclosures and 11 percent were short sales), down from 29 percent in March and 37 percent in April 2011.
Foreclosures sold for an average discount of 21 percent below market value in April, while short sales were discounted 14 percent.

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