According to the National Association of Realtors, despite properties typically selling faster than at any time since July 2013, existing home sales dropped 3.3 percent in April. That is likely only because we do not have enough existing inventory of homes for sale.
However, on average, homes sold for 6 percent more than than that for which they sold a year ago.
Economists expected sales to be higher because of news that housing starts surged in April to the highest level in more than seven years. The problem with existing home sales, though, is that supply isn’t keeping up with demand, which drives prices up. This also means that properties sold in April faster (39 days) than at any time since July 2013.
The good news for sellers is that 40 percent of homes sold in April went at or above their asking prices.
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