May 13, 2015 – The REAL Trends Housing Market Report for April 2015 shows that housing sales increased 13.2 percent from the same month a year ago. All four regions reported unit sales had increased from a year ago with the Midwest leading the way with an increase of 14.8 percent.
The annual rate of new and existing home sales for April 2015 was 5.659 million units up from a rate of 4.999 million in April 2014.
Housing prices rose an average of 3.5 percent from April 2014, continuing the moderate price increases of the past twelve month period.
"April housing sales continued to show extraordinary strong growth that started with the March results. The results were strong in every region with only the Northeast reported less than double digit increases over the prior year. With pending contracts also reported to be very strong we expect the trend of increasing housing unit sales to continue through the rest of the spring selling season", said Steve Murray, editor of the REAL Trends Housing Market Report. "Reports from industry CEO’s in late April and early May indicate that May business will continue to be stronger than expected just a few months ago. The only cautionary note is that inventory continues to decline and in a large number of markets it is approaching critical levels. Future month’s sales as we head into the summer may be negatively impacted by the lack of inventory and the decline of affordability.”
Housing unit sales for April 2015 increased 14.8 percent in the Midwest, the best performance in all regions. Sales in the South region were up 14.1 percent, the West saw an increase of 14.0 percent and the Northeast had an increase of 6.8 percent.
The average price of homes sold in April 2015 in the South region increased by 5.0 percent, the best result in the nation. The West saw average prices increase 4.0 percent, average prices in the Midwest were up 3.1 percent, and the Northeast saw average prices rise 1.4 percent.
"While the job market remains strong average household incomes continue to show very sluggish growth. And while the private market for mortgages is less stringent than it was inthe past, many of the major lenders remain wary of adopting looser underwriting standards. So while there has been a pick up in first time homebuyer activity, it is not expected to return to normal historical levels of activity", Murray added.
REAL Trends Housing Market Report
April 2015 March 2015
Closed Sales AVG Price Closed Sales AVG Price
+13.2% +3.5% +15.9% +4.9%
+6.8% +1.4% +9.3% +7.4%
+14.1% +5.0% +16.7% +4.6%
+14.8% +3.1% +18.4% +9.8%
+14.0% +4.0% +16.4% +3.6%