According to a recent Wall Street Journal news article, home sales in 2012 could be the strongest since 2007.
Home sales have been steadily increasing this year, WSJ reports, and April's improvements continued to show positive signs for the housing market.
Recent market data reports further evidence of the growth in sales. According to the National Association of Realtors home sales report for the month of April, sales increased by 3.42 percent to a seasonally adjusted annual rate of 4.62 million, which was 10 percent higher than in April 2011.
The U.S. Department of Housing and Urban Development and Census Bureau also released a combined report on U.S. home sales for the month of April. Their report also showed the market's sales improvement, with a single-family home sales increase of 3.3 percent in the month of April.
“The increase in April sales activity is in line with other important housing measures that have shown continued, gradual improvement from the first quarter as more consumers look to take advantage of today’s low interest rates and affordable home prices,” states National Association of Home Builders chairman Barry Rutenberg.
Paired with home sales, the industry is also seeing an increase in home prices, signaling a shift from a buyers market to a sellers market. According to the Wall Street Journal, the market's median home price has increased markedly from a year earlier. The higher median home prices are likely a result of the market's decreased inventory and lower number of foreclosures which are both positive signs for the market.
Strong home sales growth and price increases in 2012 could continue to fuel a housing market recovery and contribute to greater growth in the economy overall.
