THE WILD, WILD WEST: REAL ESTATE HEATS UP IN WESTERN MARKETS
After a terrible month of March for the U.S. residential real estate market, agents, brokers and lenders can look at April and say "now that's more like it."
The data tells the tale, with April's home sales up 7% compared to 2015, according to Realtor.com
"For sale" homes are moving faster, too. Realtor.com says that houses are lasting on the market, on average, for 68 days - that's five days faster than in April 2015, and six days faster than March 2016. Median-home prices are up, as well, with homes listing for $245,500, 9% higher than last year and 2% higher than the previous month.
"A robust buying season has already fully bloomed this spring," says Jonathan Smoke, chief economist at Realtor.com. "Pent-up demand, lower mortgage rates and strong employment continue to power the strongest and healthiest real estate market we have seen in a decade."