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April Home Sales Pace

Existing–home sales slowed in April but remained above an annual sales pace of five million for the second straight month, according to the National Association of Realtors®.

Lawrence Yun, NAR chief economist, says, “April’s setback is the result of lagging supply relative to demand and the upward pressure it’s putting on prices,” he said. “However, the overall data and feedback we’re hearing from Realtors® continues to point to elevated levels of buying interest compared to a year ago. With low interest rates and job growth, more buyers will be encouraged to enter the market unless prices accelerate even higher in relation to incomes.”

Total housing inventory at the end of April increased 10.0 percent to 2.21 million existing homes available for sale, but is still 0.9 percent below a year ago (2.23 million). Unsold inventory is at a 5.3–month supply at the current sales pace, up from 4.6 months in March.

The median existing–home price3 for all housing types in April was $219,400, which is 8.9 percent above April 2014. This marks the 38th consecutive month of year–over–year price gains and is the largest since January 2014 (10.1 percent).

Local Realtors report year to date home sales for Penobscot County are up 4% compared with the same period last year with 1174 single family homes sold having a value of $152 million.

– Jon

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