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Tom Kile's Blog

By Tom Kile | Agent in Amarillo, TX

Strongest Home Price Gain in 6 Years

Rise in Home ValuesAs existing home sales rose 4.62% in April, we are seeing the strongest home price gain in 6 years.  The median home price of existing homes has climbed to $177,400, which is a $6000 increase from April 2011.  That also makes it the strongest year-to-year gain since 2006.  And, April’s homes for sale rose to 2.54 million, which have not been as high since November 2011. 

Accounting for over 25% of April’s home sales were short sales and foreclosures that sold at deep discounts.  Foreclosures were sold for an average of 21% below the market value in April, and short sales were sold at an average of 14% less.  All four regions experienced a rise in month-to-month and year-to-year median home prices showing that we’ve now reached our highest level in a very long time.

The good news is the month’s supply of existing home sales has remained below the 1982 highest level and since the next highest peak in July 2010of 12.4%.  Regionally, home sales rose in April all over the country.  The Northeast sales were up 19.2% over April 2011.  Home sales in the West were up 4.4% over March while the South saw home sales up 3.5%, and the Midwest home sales were up 1.0%.

Tom Kile – Your real estate resource for Amarillo, TX and surrounding communities.

Originally posted at: http://activerain.com/blogsview/3318761/strongest-home-price-gain-in-6-years

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