Greetings neighbors,

According to recent numbers released by the National Association of Realtors (NAR), existing home sales experienced another rise during the month of April. Factors that are thought to have contributed to last month's rise include: the tax credit, a continual rise in consumer confidence, and favorable affordability conditions.

As for the actual numbers, existing home sales increased by 7.6%. This increase produced a seasonally adjusted annual rate of 5.77 million units in April which was an upwardly revise of March's 5.36 million. In addition, April's numbers also showed a significant increase from April 2009 with a rise of 22.8% from 4.70 million units.

In regards to the total housing inventory, existing homes available for sale increased by 11.5% to 4.04 million towards the end of last month, producing an 8.4- month supply at the current sales pace. This number was also up from March's 8.1-month supply. As for raw unsold inventory, there was a slight increase of 2.7% compared to this time last year however, this number is still below July 2008's record number of 4.58 million.

There was a 4.0% increase in the national median existing-home price with the national median existing-home price for all types of homes coming in at $173,100 last month. In addition, 33% of sales consisted of distressed homes.

Single family home sales experienced an increase of 7.4% giving a seasonally adjusted annual rate of 5.05 million last month, which was up from 4.70 million in March. In comparison to April 2009, there has been an increase of 20.5%. As for the median existing single-family home price, there was a 4.5% increase with that number coming in at $173,400 during the month of April.

Existing condominium and co-op sales increased by 9.1% with a seasonally adjusted annual rate of 720,000 last month from 660,000 in March. In addition, this number increased by 42.3% from a 506,000 unit-pace in April 2009. The median existing condo price for last month came in at $ 171,000 which is 0.6% below April 2009's number.

Regional numbers are as follows:

Existing home sales in the Northeast jumped 21.1% producing an annual level of 1.09 million last month and was 41.6% higher than April 2009. Median prices in the Northeast came in at $243,000 which was an increase of 2.1% compared to April 2009.

Existing home sales in the Midwest increased 9.9% last month to a pace of 1.33 million which is 29.1% higher than last year's number. Median prices in the Midwest came in at $146,400 and 5.8% higher than last year.

Existing home sales in the South rose 8.6% to an annual level of 2.14 million last month which is 23.0% higher than last year. The median prices in the South came in at $150,000, an increase of 1.2% from last year.

In the West, existing home sales actually fell by 6.2% to an annual rate of 1.21 million last month but are still 5.2% above last year's number. The median prices in the West came in at $212,400 which was up 3.8% from April 2009.