WASHINGTON, DC-The National Association ofRealtors reports that existing-home sales increased3.4% to a seasonally adjusted annual rate of 4.62 million in April.That is an increase from a downwardly revised 4.47 million inMarch, and a 10% increase year over year from April 2011.
Perhaps most notably in the report, the uptick in sales can beattributed to individual home buyers as well as investors that havebeen moving into the sector looking for distressed assets. For thisreason, investors that are scooping up distressed single-familyhomes can no longer assume the investment will pay off as it wouldhave two years ago, Lawrence Yun, NAR chiefeconomist, tells GlobeSt.com.
"Phoenix home prices are already rising," he notes. "The lowpoint is past for single-family home investors." There is, however,some opportunity still available in the Midwest.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
