Another month brought another rise in existing home sales across the country, according to a recent report by the National Association of Realtors (NAR). Existing-home sales, which include recently purchased single family, townhomes, condominiums, and co-ops, are up 10 percent compared to April 2011, and are on pace to hit 4.62 million units nationally.
"It is no longer just the investors who are taking advantage of high affordability conditions. A return of normal home buying for occupancy is helping home sales across all price points, and now the recovery appears to be extending to home prices," said Lawrence Yun, NAR chief economist. "The general downtrend in both listed and shadow inventory has shifted from a buyers’ market to one that is much more balanced, but in some areas it has become a seller’s market."
Freddie Mac reports that the national commitment rate for a 30-year fixed-rate mortgage was at 3.91 percent in April, down slightly from 3.95 percent in March. Mortgage rates remain well below the 4.84 percent commitment rate ovailable in April 2011.
