Existing Home Sales

US Existing Home Sales, on a Seasonally Adjusted Basis, have increased for 11 straight months. If you exclude the increase caused by the government tax credit, this is the first time since late 2005 for the US to experience a similar sustained increase in sales.

Other highlights:

·         April existing home sales rose 3.4 percent from March 2012 and were up 10 percent from April 2011, now at a Seasonally Adjusted Annualized Rate (SAAR) of 4.62 million

·         Median home prices increased 3.1 percent from March 2012 and 10.1 percent from April 2011 (12 month moving average was up 1.1 percent year-over-year

·         Inventory is down 28.4 percent in the past 12 months, though it rose slightly sequentially from March, and currently rests at 2.54 million units for sale