According to a recent article by Nicole Friedman in the Wall Street Journal, home prices across the nation continued to accelerate in April while sales dropped sharply among a limited amount of homes for sales in many markets.
The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the US, rose 4.7% in the year that ended in April, up from 4.6% annual rate the prior month.
Sales of previously owned homes, which make up the bulk of the housing market, dropped 17.8% in April from a month earlier as the coronavirus pandemic shut down business activity in many parts of the country, according to the National Association of Realtors.
Home buyers have been enticed by record-low interest rates. Some sellers have taken their homes off the market, or decided not to sell, reducing the number of houses for sale.
The total number of homes on the market at the end of April fell 19.7%, from a year earlier, according to NAR.
Posted by Andreas Holder on