Monthly sales gains in the West and South offset a modest decline in the Midwest while the Northeast was unchanged. Total existing-home sales1, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 1.3 percent to a seasonally adjusted annual rate of 4.65 million in April from 4.59 million in March, but are 6.8 percent below the 4.99 million-unit level in April 2013. Lawrence Yun, NAR chief … (
The median price of existing homes increased by 5.2% from its year-ago level, thereby representing a modest deceleration from the 6.9% pace in March and 8.7% pace in February. There were 4.65 million existing homes sold in the US in April 2014 on a seasonally adjusted and annualized basis, which was a 1.3% increase from the unrevised 4.59 million annualized units sold in March. The level of sales in April was slightly below the 4.69 million sales that had been expected by the market, although it marked the first monthly gain since December 2013. The improvement in resale activity reflected an increase in sales of single-family homes (0.5%) to 4.06 million annualized units as well as a rise in condos and co-ops sales (7.3%) to 0.59 million. A pickup in activity in the West and South (4.9% and 1.0%, respectively) contributed to the overall gain in the month. In contrast, existing home sales in the Midwest dipped (-1.0%) while activity in the Northeast held steady following a 9.1% bounce in the previous month.