Home sales in April were unchanged from March as investors remained in the game with the expectation that prices bottomed out, according to the latest RE/MAX National Housing Report.
Last month, investors made up 25% of the market, sparking speculation buyers anticipate higher interest rates and home values in the future. During the same period, inventory levels fell as home prices rose 2.2% from March-the third increase this year.
"The market is holding its own in the absence of any artificial stimulus," said RE/MAX Chief Executive 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."
RE/MAX remains optimistic that homebuyers expecting a bottom will jump back into the market this summer.
Home sales in March rose by double-digits in nearly all U.S. metropolitan areas, which was an encouraging sign for the housing market as it enters spring buying season.
Comments(1)