Home sales in April ticked up to the highest level in over three years. According to the National Association of Realtors sales rose in April to a seasonally adjusted 4.97 million; sales have risen 9.7% in the past 12 months. The supply of available houses has also risen 12% from March to April, this partially reflects the typical inventory increase for the spring selling season, but it is also helpful in boosting sales-as there has been a shortage of available homes on the market. The inventory of available homes still remains below the six month supply traditionally representative of a typical market.
Additionally, buyer traffic has risen 31% in the past year and the median price of a home for sale jumped 11% from March to April up to $192, 800, which is the highest in almost five years. The increases have encouraged sellers to list their homes, as well as motivated buyers still hoping to catch a deal. Homes are being snapped up at a much quicker pace with homes the median being 46 days on the market in April, which is down from the median of 62 days in March. Homes are selling 45% faster than they were a year ago. To read the full article visit CBS News.