Existing home sales declined modestly in April (-2.7%) showed data released on Friday. Wells Fargo analysts they warn that prices rose even more. They point out that houses are still selling very fast.
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“Existing home sales fell 2.7% in April to a historically strong pace of 5.85 million units.”
“We expect the number of homes available for sale to increase even further in the coming months as the risks surrounding COVID diminish and homeowners rush to tap into one of the strongest seller markets in history.”
“The median price of an existing home has risen 19.1% over the past year to a record $ 341,600. The median price of an existing single-family home increased 20.3% to $ 347,400, while the price of condos and cooperatives increased 12.6% to $ 300,400 ”.
“Homes continue to sell very quickly, and homes sold in April stay on the market for only 17 days, compared to 18 in March and 27 days in April 2020. A staggering 80% of existing homes sold last month were on the market for a month or less. Lack of inventory and surging home prices make things difficult for first-time home buyers. First-time buyers accounted for just 31% of sales in April, up from 32% the month before and 36% in April last year. “
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