By the Numbers
Year over year, however, pending home sales were up 57.1%, the NAR said, citing its monthly Pending Home Sales Index.
“Demand is robust throughout the country, but homebuyers continue to be held back by the lack of homes for sale and rapidly increasing home prices.” — MBA Associate Vice President of Economic and Industry Forecasting Joel Kan
The median sales price of new homes sold in April was $372,400, up from $334,200 in March and $310,100 a year ago.
Nationwide, the seasonally adjusted housing index rose 2% month over month in February and 13.2% year over year, up from a monthly increase of 1.2% in February.
Housing records continue to be broken, but despite the strong numbers, data could indicate homebuyer demand is reaching a peak.
Higher income, backed up by lower mortgage rates, has expanded the reach of the average homebuyer, but an increased demand for homes has concurrently driven up prices, negating two of the three main factors in First American Financial Corp.’s Real House Price Index.
The short supply continued to drive increases in the price of homes, with the median existing-home price for all housing types rising 19.1% year over year to $341,600.
The limited inventory that has plagued the housing market continued, although at an abated pace
Builder confidence was steady in May, carrying over April’s reading of 83 for another month, according to the most recent National Association of Home Builders/Wells Fargo Housing Market Index.
Housing inventory in the Atlanta area, meanwhile, remained significantly below year-ago levels in April.