Similar to the trend exhibited in recent months, professional real estate agents may have found their schedules busier last month, as substantial improvement was seen in the national housing market.
Using property data from 19 major U.S. markets, Redfin announced in its latest Real-Time Home Price Tracker that home prices and sales increased both month-over-month and year-over-year during April.
Showing the largest monthly gain in four years, completed housing transactions improved more than 7 percent from March and almost 11 percent over April 2012 totals. Meanwhile, home prices rose 5 percent from the preceding month and 16 percent from the same period the year prior.
As inventory levels fall further and push prices up, mortgage records have led home sales to rise and the national economy to show signs of strengthening, but the progress my need sustaining.
During a speech at the National Association of Realtors' Midyear Legislative Meetings and Trade Expo, chief economist Lawrence Yun announced credit stringency may need to be dialed down in order to help the nation continue toward full economic recovery. He suggested lowering required consumer credit score levels for a mortgage to around 720 for conventional loans and 660 for FHA loans could help keep momentum up.
"Steady job creation and household formation have been helping to unleash a pent-up demand in the housing market," said Yun.