Houses Sold FAST in April

The National Association of Realtors reported Tuesday that existing singlefamily homes and condominiums were sold at a seasonally adjusted rate of 7.18 million units last month, a gain of 4.5 percent from a revised March sales pace of 6.87 million units. The strength in sales, which was attributed to further declines in mortgage rates, put new upward pressure on prices. The median cost rose to a record $206,000, up 15.1 percent over a year ago.

That represented the biggest 12-month gain in prices since November1980 and added to concerns that the housing industry could be experiencing a speculative bubble similar to the stock market bubble that popped in the spring of 2000. The median is the midpoint where half the homes sold for more and half for less.

Last week, Fed Chairman Alan Greenspan acknowledged concerns about the housing market.

Stay tuned. This is going to be an interesting summer! It’s gonna be hot - and not just the weather either! Let me know if you have any interesting stories to share about this market!

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