Existing home sales rose nationally in April, boosted by the home buyer tax credit and rising consumer confidence, the National Association of Realtors reported this morning.
Existing home sales including single-family, townhouses, condominiums and co-ops, rose 7.6% to a seasonally adjusted annual rate of 5.77 million.
April home sales in Michigan rose by 9.46% in April from 10,042 last April to 10,992, according to the Michigan Association of Realtors. The average sales price in Michigan for existing home sales in April rose nearly 15% from $88,171 in April 2009 to $101,282.
The national median existing-home price was $173,100 in April, up 4% from April 2009.
Lawrence Yun, chief economist for the national Realtors group, said that the expiration of the home buyer tax credit on April 30 drove the increase, “and no doubt there will be some temporary fallback in the months immediately after it expires, but other factors also are supporting the market.”
He noted that home prices are getting more stable and interest rates remain low.