A potential indication of a rapidly improving recovery in the residential real estate market could be found in the latest report from Re/Max, which shows both home prices and sales bumped up in April.
According to the real estate firm's National Housing Report, home prices jumped more than 3 percent from March and nearly 6 percent from a year earlier in April. Additionally, sales moved up as well, climbing 4 percent from April 2011's figure.
The median price of homes sold during the month as $161,000, the report indicates. April was only the third month in the last 21 in which prices improved from the year before.
"It's encouraging to see several improving economic and housing indicators, which are pointing to a continuing real estate recovery," said Margaret Kelly, CEO of Re/Max.
She added that as prices of homes for sale and mortgage rates remain low, home buying should pick up markedly in mid-2012.
Freddie Mac reports mortgage rates slipped to new record lows again, this time coming during the week ending May 17. Rates for 30- and 15-year loans declined to 3.79 and 3.04 percent, respectively.
