Existing Home Sales Rise, Beating Projections

May 24th, 2010 - Posted by Admin

In a sign that the recession may be lessening in its intensity or even receding (yes, we may be witnessing the recession of the recession, which might consequently be called the accession!), existing home sales have continued to rise, both in terms of raw numbers and percentages.

The housing sector got a shot in the arm Monday with existing home sales rising at a greater-than-expected rate during April. Though the boost was probably fueled by the federal government’s tax-credit deadline, some analysts believe that the recovery in the industry will continue, though there may be some pullback in the next few months.

On Monday the National Association of Realtors reported that existing home sales rose 7.6% in April to 5.8 million, from 5.4 million in March, ahead of Wall Street’s estimates of 5.6 million.

This should give the housing market a shot in the arm, though we still have a long way to go before housing prices reach the heights they were at in 06/07–though many industry experts have suggested we do not want prices to rise so high again, so soon.