MHProNews has learned from CNNMoney the National Association of Realtors (NAR) released figures today that show total home sales rose 0.6 percent in April to just under an annual pace of five million, up nearly ten percent from a year ago. Lawrence Yun. Chief economist for NAR, noting consumer traffic is up 31 percent over a year ago, resulting in greater demand than actual sales, says tight credit and low inventory has prevented sales from being well over five million. The median price of a home sold in April rose four percent over March to $242,600, and nine percent over a year ago. Inventory on the market represented a 5.2 month supply at the current pace of sales, up over March but below the 6.6 month supply a year ago. Distressed sales represent 18 percent of all home sales, a drop from 28 percent a year ago. The pace of new home sales has been increasing every month for almost two years, and is at the strongest rate since Nov. 2009 when sales were spurred by a home-buyers tax credit.
