April Was A Strong Month For Existing Home Sales

Midwestern buyers helped spark a national increase in existing home sales during April, a sign that demand  remains steady despite rising prices and tight inventories. The National Association of Realtors says sales of existing homes rose 1.7 percent last month to a seasonally adjusted annual rate of 5.45 million. Sales rose 12.1 percent in the Midwest, the most affordable region for housing. Purchases increased slightly in the Northeast but fell in the South and West.  A shortage of sales listings are pushing up home values, creating affordability pressures for some potential buyers. The number of listings has fallen 3.6 percent over the past 12 months. The median sale price was nearly 233 thousand dollars in April, a 6.3 percent increase from the same month a year ago. The 12.1 percent sales increase in the Midwest is reflected in numbers released Friday by regional and state realtors. The Ohio Association of Realtors says existing home sales in April rose by 6.5 percent from March to a seasonally adjusted annual rate of 153, 863.  OAR says it's a rate that surpasses the previous record set in October, 2005. The Columbus Realtors trade association says sales in its multi-county region rose 6.5 percent in April from March, with nearly 27 hundred residential units changing hands.  Sale prices in Ohio also increased. The statewide average of 162  thousand dollars is up 9.4 percent from April of last year.  The regional average price of 202 thousand dollars is up 13.1 percent from March.