Existing-home sales rose in April and remain above a year ago, while home prices continued to rise, according to the National Association of Realtors®. The improvements in sales and prices were broad based across all regions.
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Lawrence Yun, NAR chief economist, said the housing recovery is underway. “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,” he said. “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.”
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Despite the number of Americans who have been hurt financially by the housing crash, the desire to own a home remains strong. In fact, one survey has revealed that more than 80 percent of Americans recently thought buying a home remained the best long-term investment they could make.
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The majority of current homeowners surveyed report purchasing their first home early in life with 4 out of 5 buying between ages 18-34 [...] The poll also found that first-time homebuyers are more likely to cite achieving the American Dream as a primary motivation for purchasing their first home.
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