PrintNationally median home prices rose 2.2 percent in April over March, rising in 34 of 55 markets surveyed, but are still 7.9 percent below a year ago during the height of the tax credit frenzy.
RE/MAX reported some progress on the price front in its April National Housing Report, though sales numbers were virtually unchanged from March.
“The market is holding its own in the absence of any artificial stimulus,” said RE/MAX CEO Margaret Kelly. “We’re encouraged to see that home prices have been rising this year and we are hoping that this will motivate buyers who have been waiting for a bottom.”
Closed transactions were 14.6 percent lower than in April 2010, though 27 of the 53 markets surveyed experienced a sales increase in March. Eight metro areas saw double digit growth in sales during the month, including Omaha, Wilmington/Dover, Tulsa and Boston.
RE/MAX reported that average days on market was 99, down five days from March and marking the seventh consecutive month that the average has been above 90. Months supply, at 7.2 months, was virtually unchanged from March.
A few markets saw a large dip in inventory from March including: Miami (down 43.9 percent), Orlando (down 40.3 percent), Portland OR, (down 2.7 percent), Los Angeles (down 21.2 percent) San Francisco (down 17.7 percent) and Seattle (down 17 percent).
Leave a Reply