ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL - 05/23/2012

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Sales of existing single-family homes, townhomes, condominiums and co-ops were up 3.4 percent from March to April, NAR said, to a seasonally adjusted annual rate of 4.62 million. That's a 10 percent increase from the 4.2 million homes-per-year pace seen at the same time a year ago. Distressed properties -- foreclosures and short sales sold at discounts -- accounted for a smaller percentage of sales in April (28 percent) then they did a year ago (37 percent).

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

The inventory of existing homes on the market also shot up 9.5 percent to 2.54 million. At the pace homes were selling in April, that represented 6.6 months of supply -- up from 6.2 months in March. A six-month supply of inventory is generally considered an even balance of demand between buyers and sellers. At this time last year, the inventory of homes on the market was equal to a 9.1-month supply. In July 2007, there were a record 4.04 million existing homes for sale.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

First-time buyers accounted for 35 percent of April sales, up from 33 percent in March but down slightly from 36 percent a year ago. NAR estimated 29 percent of April sales were all cash, down from 32 percent in March and 31 percent a year ago. Investors purchased one out of five homes in April, little changed from March or the same time last year.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Single-family home sales rose 3 percent to a seasonally adjusted annual rate of 4.09 million in April, up 9.9 percent from a year ago. The median existing single-family home price was $178,000, up 10.4 percent from April 2011. In the South, existing-home sales rose 3.5 percent to an annual level of 1.79 million in April, up 6.5 percent from a year ago. The median price in the South was $153,400, up 8 percent from April 2011.