Home prices hit their highest April on record [Yahoo! Finance]
NerdWallet, Inc. (NRDS)
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Source: Yahoo! Finance
year-over-year — according to a report from the National Association of Realtors. The seasonally adjusted annual rate of existing home sales in April was 4.14 million. Mortgage rates likely played a role in the sales drop, according to NerdWallet home and mortgage expert Holden Lewis. “People are eager to buy homes, but a lot of potential buyers are waiting for mortgage rates to fall below 7 percent ,” Lewis said in a statement. The median sale price of existing homes in April rose 5.7 percent year-over-year to $407,600, — the highest price ever recorded by NAR for the month, with all four regions reporting price gains. The upper end of the market experienced a transaction gain due to increasing supply, NAR chief economist Lawrence Yun noted, but for the overall market, “the pace of price increases should taper off since more housing inventory is becoming available.” All-cash buyers maintained a healthy portion of the market, accounting for 28 percent of purchases last month
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