On May 22, 2012 National Association of Realtors® (NAR) reported that nationwide existing home sales in April of 2012 increased 3.4% from March of 2012, and 10.0% higher than April of 2011.
Investors bought 20% of the inventory in April of 2012, lower than 21% in March of 2012, but same as in April of 2011. First time buyers acquired 35% of homes in April of 2012, higher than 33% March of 2012, but lower than 36% from April of 2011. Cash buyers purchased 29% of all sales in April of 2012 lower from 32% in March of 2012; and 31% in April of 2011. Investors made up the bulk of cash transactions.
Total available housing inventory increased 9.5% at the end of April to 2.54 million, a 6.6 month supply of inventory, higher from 6.2% March of 2012. Home sales, in the Northeast were higher 5.1%, in the Midwest rose 1.0%, in the South increased 3.5%, and in the West were up 4.4% in April of 2012, according to Walter Molony of www.realtors.org on May 22, 2012.
It think, combination of low interest rates and lower priced distressed properties, convinced many home buyers to purchase properties. Hopefully, the increased home buying trend will continue to help the economy to recover as well. It appears that, there is a sign of improvement compare to same time a year ago.
For more complete information, on the April of 2012 existing home sales, please CLICK HERE